Mumbai5 hours ago
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(File photo) – SEBI found in the investigation that first GDR money was transferred to Birla Power’s Indian bank accounts. The money from the second GDR was transferred to the accounts of India and Dubai. Investigation revealed that Vintage filled his loan on the same day.
- Three people have been fined 20-20 lakhs, one on 40 lakhs and one on 30 lakhs.
- Everyone should deposit this amount of penalty with SEBI within 45 days
SEBI has taken action against 5 people in the case of Birla Power Solution’s Global Depository Recept (GDR). All these have been fined Rs 1.30 crore. In this, a penalty of Rs 20 lakh has been imposed on Yashovardhan Birla, Rajesh Shah, Upkar Singh Kohli, Rs 40 lakh on N Nagesh and Rs 30 lakh on PVR Murthy.
Nagesh and Murthy were the secretaries and directors of the company
N Nagesh was the company’s secretary and PVR Murthy was the company’s director. Yashovardhan Birla was the chairman of the company. GDR means listing the company’s shares outside the country on a stock exchange in another country. SEBI issued a 60-page order on Tuesday. In this order, he ordered this penalty to be filled within 45 days.
SEBI said that the company issued the GDR on 27 January 2010. For this, he issued 58.5 lakhs at the rate of $ 3.42 and 2.12 crore GDR on 9 July 2010. It raised Rs 348 crore from both GDRs.
No information on BSE-NSE
SEBI found that the company did not make any announcements on BSE or NSE for this. However, in the annual report for 2009-10, the company had previously given information about GDR Whereas it had given information of the second GDR to BSE. SEBI found that only one company, Vintage FZE, invested money in this GDR. Its name is now Alta Vista.
Account opened in Vienna’s bank
According to SEBI, Vintage opened two loan accounts at Aurum Bank in Vienna. This led to a loan of $ 20 million and $ 53 million. The company kept the GDR as security in lieu of the loan. SEBI said that the loan agreement was not disclosed on the stock exchange. Also, no guarantee for the vintage was given by the company.
According to the board meeting minutes, Murthy and Nagesh were authorized to sign the mortgage agreement. SEBI found that there was a lot of confusion in this GDR. Its investigation was completed in April 2018. The entire case worked under a modus operandi.
GDR money misappropriation
SEBI found in the investigation that first GDR money was transferred to Birla Power’s Indian bank accounts. The money from the second GDR was transferred to the accounts of India and Dubai. Investigation revealed that Vintage also replenished his loan on the same day. SEBI found that in this way the company and its officials made a mess in this whole matter. After which, after completion of the investigation, SEBI issued a fine order in it on Tuesday.