New Delhi, May 31 () Regulator Sebi has slapped penalty totalling Rs 12 crore on Winsome Yarns Ltd and its managing director in a matter pe...

These firms had come out with their respective issues of GDR during the period from March 2007 to November 2009.

The firm had issued GDRs amounting to USD 13.24 million (around Rs 96 crore) on March 29, 2011.

Sebi had conducted an investigation with respect to issuance of Global Depository Receipts (GDRs) by BAL during November-December 2010.

FIL issued Global Depository Receipts (GDRs) during June-August 2010 period. It issued GDRs amounting to USD 59.92 million in June 2010 and...

Farmax India Ltd (FIL) had issued GDRs amounting to USD 59.92 million in June 2010 and USD 11.98 million in August 2010 under green shoe op...

Investigation revealed that Vintage FZE (now known as Alta Vista International FZE), an entity controlled by Panchariya, was the sole subsc...

It was found that the issue was subscribed by just one entity, Vintage FZE, now known as Alta Vista International FZE.

It noted that the company had issued 5 million GDRs worth $22.40 million on May 20, 2010.

Sebi noted that the company had issued 1.17 million GDRs worth $25 million in Sept 2010.

The company allegedly duped Indian investors by manipulating a GDR issue, evading tax and not disclosing overseas interests.

Sebi noted that the entire 1.51 million GDR were subscribed by only one entity, Vintage FZE (now known as Alta Vista International FZE).

The interim order has been passed after a preliminary probe by Sebi found the involvement of these entities in market manipulation.