Business & Economy
Vanishing companies: merchant
bankers
get SEBI notices
What is India News Service,
Saturday, 26 March 2005, 1500 hrs IST
The Securities and Exchange Board of India has issued
show-cause notices to merchant bankers that had handled the public issues of
companies that have subsequently vanished after raising money.
This action of the capital market regulator
follows close on the heels of the Ministry of Company Affairs issuing similar
notices to the statutory auditors of the companies that had raised public funds,
for possible collusion with promoters.
"Notices have been issued to 22 merchant
bankers that have handled the public issues of 15 vanishing companies. Of these
15, replies have been received in respect of seven such entities," official
sources said.
Official sources, however, refrained from
disclosing the names of the merchant bankers to which notices were issued. This
move follows the recommendations of the Central Coordination Monitoring
Committee constituted to monitor the progress made by various Task Forces for
taking penal action against the directors of vanishing companies.
The committee had recently met to review the
current position of these entities. It is co-chaired by Secretary, Ministry of
Company Affairs, and Chairman, SEBI.
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