Bharatiya Global Infomedia has been directed to call back ₹23.46 crore, which were mis-utilised/diverted from its IPO proceeds, within six months.

SEBI in its final order on Friday, said BGIL also needs to call back ₹11.15 crore (out of ₹12.5 crore which was mis-utilized/diverted in the garb of ICD investments in three companies — Sanjukta Vanijiya Pvt Ltd, Darshan Trade Link Pvt Ltd and Nihita Financial Services Pvt Ltd).

The key managerial personnel of BGIL and the company have been barred from the securities market for five years. However, this would take into account the period of punishment already undergone. SEBI had passed an interim order in the BGIL IPO case on December 28, 2011.

SEBI said BGIL had concealed material information, suggested falsehoods, made false and inadequate disclosures in the RHP/prospectus and mis-utilised/ diverted the IPO proceeds.

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