Monday, 6 June 2011

Market Regulator to Probe Irregularities in Vaswani IPO

Market regulator Sebi will probe alleged irregularities in the IPO of Vaswani Industries. The investigation will be completed within 30 days. Earlier, it had withheld the listing of the company's IPO following complaints by investors alleging large scale withdrawal and rejections in the issue. “A detailed investigations shall be initiated into the matter...The investigation shall be expeditiously completed within a period of 30 days, so that a decision on the listing application by the stock exchanges can be taken within the statuary time limit provided under the Companies Act,” Sebi said in an order. The regulator has directed the merchant bankers concerned to deposit the amount collected from the issue in an interest generating account

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