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SEBI has confirmed its ex-parte interim order (dated December 28, 2011) prohibiting Almondz Global Securities, its officials Vinay Mehta and Sanjay Dewan, from taking up any fresh assignments or involving themselves in any new issue of capital including IPOs, FPOs and the like.
SEBI found Almondz guilty of not exercising due diligence and proper care while acting as a book-running lead manager in the Rs 120.6-crore PG Electroplast public issue.
SEBI said failure to make the necessary disclosures in the offer document resulted in investors being deprived of the important information.
SEBI said Mehta’s contention of not being responsible for origination, marketing, execution or compliance was not acceptable as the MD is responsible for the conduct of the company as a whole and cannot escape his responsibilities saying he did not look after day-to-day operations.
Confirming the ex-parte interim order, SEBI said action will be taken according to law after investigation is completed.
> raghavendrarao.k@thehindu.co.in
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