Pentamedia Allotment Referred To Dca

The department of company affairs (DCA) is investigating a preferential allotment of one million shares by Pentamedia Graphics to a financial company following a request from the Securities and Exchange Board of India (Sebi).

The request follows a Sebi inquiry into the alleged price manipulation in the share prices of Pentamedia by stock broker Ketan Parekh to establish an artificial price for the scrip.

The scrip witnessed wide fluctuations over just four months ranging from a low of Rs 554.80 on November 1, 1999 to Rs 2,272 on February 22, 2000. The price later declined consistently to touch Rs 53 on April 12, 2001.

 

On January 1, 2001 Pentamedia had made a preferential allotment of one million of the company