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Onelife Capital Advisors and its Managing Director Pandoo P. Naig have been banned from the securities market for three years (effective December 28, 2011).
They have been banned for diverting IPO proceeds for purposes other than that stated in the offer document.
SEBI has directed Onelife to jointly and severally bring the diverted funds (Rs 35.25 crore) back from Fincare, Precise and KPT within six months.
The company’s board has also been directed to ensure compliance and submit a monthly progress report to SEBI.
Non-executive/independent directors of Onelife, T. K. P. Naig, D. C. Parikh, A. P. Shukla, T. S. Raghavan and T. Shirdharani, have been barred from taking up any directorial assignments elsewhere for one year.
SEBI also said it had noticed that the IPO proceeds of Onelife were diverted to the three entities following which it examined the case.
SEBI observed that Onelife had made mis-statements in its Draft Red Herring Prospectus / Prospectus, failed to disclose material developments and had used the IPO money for purposes other than those stated in the DRHP/Prospectus.
raghavendrarao.k@thehindu.co.in
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