Brooks Laboratories to contest Sebi order before SAT

Pharma firm Brooks Laboratories would contest the Sebi order, barring the company and its top executives from raising any further capital from securities markets for 5 years, before the Securities Appellate Tribunal.
"We would like to submit that we do not agree with the findings of the order and we would be contesting the same before Securities Appellate Tribunal in due course," Brooks Laboratories said in a BSE filing.
According to capital markets regulator Securities and Exchange Board of India's website, the whole time member had passed an order dated September 10, 2015 against the company and its directors and officials, it added.

As per the order, the company, its three directors and two former officials are prohibited from raising any further capital from the securities market, in any manner, for a period of 5 years starting from December 28, 2011..., Brooks Laboratories said.
Sebi has allowed Brooks to utilise the funds lying in the escrow account for objects disclosed in the draft papers.
The regulator had barred Brooks Laboratories and its top executives from securities markets for five years for siphoning off funds and concealing of material information in its IPO documents.
Apart from Brooks, prohibitory order was passed against its chairman Atul Ranchal, Managing Director Rajesh Mahajan, chief executive Durga Shankar Maity, chief financial officer Ketan Shah and company secretary Parvinder Kaur.

Brooks Laboratories' shares today closed 2.76 per cent down at Rs 51.05 per scrip on the BSE.