Sebi on Friday barred Pentamedia Graphics [Get Quote] and its directors from issuing new shares, altering capital structure, accessing and dealing securities until further orders to save investors from further fraudulent actions like exposure to fake shares.
The capital market watchdog has initiated investigations into the matter (alleged issuance of fake shares). In the interim, ex-parte action is initiated in view of the grave emergency and to save the investors and the securities market from further fraudulent acts of the concerned entities, Sebi whole-time board member Anantharaman said in his order.
The sale proceeds accruing to Vijay Advertising Pvt Ltd, the entity to which preferential allotment was made, from the dubious deal should be impounded. VAPL should retain the impounded sale proceeds in its account and the same should not be utilised in any manner for any purpose, Sebi said.
VAPL and its directors namely M Vardharajan and Bhuvaneswari should not deal in securities market in any manner directly or indirectly till further directions.
The Oriental Bank of Commerce [Get Quote] should retain the original documents relating to the deal including the share certificates and the loan documents in its possession, in a sealed and secure place.
Sebi had received complaints from OBC (erstwhile Mylapore Branch of the Global Trust Bank) against Cameo Corporate Services Ltd the share Transfer Agents for Pentamedia.
The information so far collected by Sebi has raised doubts regarding the genuineness of the share certificates.
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