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SEBI debars Warner Multimedia, 12 entities
Our Bureau
Mumbai
,
Feb. 17
IN yet another crackdown on share price manipulation, the Securities and Exchange Board of India has debarred Warner Multimedia Ltd along with 12 other related entities for rigging the share prices of Warner Multimedia.
In its order dated February 1, SEBI said the promoters of Warner Multimedia deliberately delayed the dematerialisation of shares held by public shareholders with a "view to create artificial scarcity and thereby manipulate the prices of the shares."
The 12 individuals and entities barred by SEBI are Jagadish Prasad Purohit; Kailash Prasad Purohit, Vaishno Trade Link Pvt Ltd, Godavari Commerce Pvt Ltd, Pragati Merchant, Success Merchant Pvt Ltd, Rolex Merchant Pvt Ltd, Govardhan Jain, Mumbadevi Finance and Investment Company Pvt Ltd, Safal Investments, Gaje Singh Chahl and Arun Goyal.
These entities are prohibited from buying, selling and dealing in the securities market for three years for their involvement in price manipulation in Warner Multimedia Ltd.
"The entities also failed to co-operate with the investigation instituted by SEBI in this matter," the order said.
SEBI also warned ABS Consultants Pvt Ltd, Registrar and Share Transfer Agent of Warner Multimedia Ltd, and asked it to be more careful in its activities in future.
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