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| Exchange Disseminated Time | Bharatiya Global Infomedia Ltd has informed BSE that:
"We have received SEBI Directions, by way of ad interim, ex-parte order no. WTM/PS/IVD/47/12/2011, Pursuant to section 11(1), 11(4) and 11(B) and regulation 11 of SEBI (Prohibition of Fraudulent & Unfair Trade Practices relating to Securities Market) Regulations, 2003 in the matter of initial public offering of the Company. The order has raised certain issues. The order has:
1. Prohibited to the Company from raising any further capital from the securities market, in any manner whatsoever, till further directions.
2. Prohibited to the Company, all its directors and Manager Finance from buying, selling or dealing in securities, in any manner whatsoever, till further direction.
3. The Company shall call back the ICDs of Rs. 12.5 crore invested by it with Nihita Financial Ltd., Sanjukta Vanijya Pvt. Ltd and Darshan Tradelink Pvt. Ltd. and all amounts transferred / paid out of IPO proceeds to its directors or relatives of its directors or HUFs belonging to any of its directors or associate or subsidiaries or group companies. These amounts together with all of the IPO proceeds that are still lying unutilized with the company across all its bank / deposit accounts or any investments including in mutual funds, shall be deposited in an interest bearing escrow account with a scheduled commercial bank, till further orders.
4. A confirmation on compliance of this direction shall be sent by the promoters of BGIL to the stock exchanges where it is listed, within 7 days from the date of this order." |
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