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Regulator SEBI on Friday barred ex-officials of Dr Datsons Labs from the securities markets for up to three years for not utilising the IPO proceeds as stated in the offer documents. SEBI has prohibited Kashi Vishwanathan, who was chairman of the company, and Kannan Vishwanatth, who was MD, for three years. Prabhat Goyal and Shashikant B Shinde, who were whole-time executive directors, have been restricted for one year, according to the regulator’s order.
SEBI conducted an investigation in the matter of the IPO by Datsons (formerly known as Aanjaneya Lifecare) in 2011 and pursuant investigation, found, “the company and its directors have not utilised the IPO proceeds for the objects stated in the RHP (offer document) and have utilised the IPO proceeds for other undisclosed purposes”.
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