Market regulator Sebi today confirmed its decision of restraining Bharatiya Global Infomedia Ltd and its eight directors from dealing in the securities market for not complying with the disclosure norms in their respective IPO prospectus.
“...hereby confirm the directions issued against Bharatiya Global Infomedia Ltd (BGIL), Rakesh Bhatia, Arti Bhatia, Sanjeev Kumar Mittal, Anil Kapoor, Sanjay Kapoor, Harjeet Anand, Jaya Mishra and Rajeev Kumar Agarwal vide the ex-parte ad interim Order dated December 28, 2011,” the Sebi said while passing its order today.
The probe carried out by Sebi had found that Bharatiya Global Infomedia had been involved in using Inter Corporate Deposits (ICDs) which were diverted to other entities who further funded the buying of shares on listing day.
It was also alleged that BGIL had suppressed material facts in the offer document like utilisation of IPO proceeds.
The Sebi through its interim order dated December 28, 2011 had prohibited BGIL and its eight directors from dealing in the securities market till further directions.
Besides, the market regulator had also barred BGIL from raising funds from the capital market until further directions.