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| Double blow for key IPO scam operators | |
| BS Reporter / Mumbai November 11, 2008, 0:05 IST | |
In the first final order in the IPO scam, capital markets regulator Securities and Exchange Board of India (Sebi) has directed key operators Himani Patel and Dhaval Mehta to cough up more than Rs 1 crore together. The regulator has also restrained both entities from dealing in the securities market for a further period.
Patel has been directed to disgorge the unlawful gain of Rs 33,52,636 with interest at 10 per cent from October 19, 2005 (the date of listing of shares of the Suzlon IPO) till the date of actual disgorgement, within 45 days of passing the order.
Further, the regulator has also restrained her from buying, selling or dealing in the securities market in any manner for a period of three years. If the amount is not disgorged within the specified time, Patel will be restrained from dealing in the securities markets, directly or indirectly, for an additional period of four years.
Similarly, Dhaval Mehta has been directed to disgorge the unlawful gain of Rs 72 lakh with interest at 10 per cent since August 12, 2005 (date of listing of shares of the IDFC IPO) till the date of actual disgorgement, within 45 days of passing the order. Sebi has also restrained Mehta from dealing in the securities market for a further period of two years. If the amount is not disgorged within the specified time, Mehta shall be barred from the market for an additional period of five years.
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