Restrictions on Indian Infotech & Software's four promoter entities revoked

Regulator Sebi on Monday revoked the restrictions imposed on four promoter entities of Indian Infotech & Software Ltd (IISL) back in 2017 with respect to alleged misrepresentation of the company's financials.

The directions, passed first in September 2017, against Jayanti Prime Software Advisory Pvt Ltd, Mahamaya Financial Consultants Pvt Ltd, Generosity Share Trading Pvt Ltd and Dhanvarsha Advisory Services Pvt Ltd, have been revoked.

In a four-page order, Sebi Whole Time Member Madhabi Puri Buch said no evidence/ supporting document is available to substantiate the role of the promoters with respect to misuse/ misrepresentation in financials of IISL.

"Hence, violation of provisions of securities laws were not observed in respect of the said promoter entities. I noted that none of the said entities were directors of IISL," the order said.

According to the order, the directions -- issued through an interim order passed in September 2017 and confirmed through an order in February 2018 -- against the four entities need not be continued.

Sebi had placed trading restrictions on the promoters/ directors of the company.

"As regards the remaining entities in the matter of IISL, violations under securities laws were observed and Sebi shall continue its proceedings against them.

"Hence, the directions issued vide interim order dated September 21, 2017 as confirmed vide order dated February 8, 2018 against remaining entities shall continue," the order said.