Mumbai: The Securities Exchange Board of India (SEBI) has passed a consent order in the case related to IPO manipulations by the promoters of Atlanta Ltd. SEBI has agreed to settle the case on payment of Rs 14.02 lakh.
The promoters had ‘cornered’ the shares reserved in the employees’ category in the IPO. The promoters of the Mumbai-based company had financed the employees to purchase the shares and the same had been later transferred to promoters in off-market deals.
Regulator’s ruling
Market regulator SEBI has also passed a consent order against more than two dozen entities in the matter of irregularities in the alleged manipulation of share prices of several companies.
On Monday, 29 applicants remitted a sum of Rs 1 crore towards settlement charges without admission or denial of guilt.
Investigations made
SEBI had conducted investigations against 29 entities into the alleged manipulations in the prices of shares of ETP Corporation, E Star Infotech, SMR Universal, Ransi Software, Accurate Exports, Blue Coast among others.
These 29 entities, during the period of investigation, submitted applications under the terms of the consent order.
The High Powered Advisory Committee appointed by SEBI considered the consent terms proposed by the applicants.
