Monday, September 19, 2016

SAT imposed Rs 2 crore penalty on co. as it used IPO proceeds for giving loan to its subsidiary

Securities Appellate Tribunal, Mumbai held that where appellants utilized IPO proceeds for a propose other than purpose specified in IPO and had suppressed material information from investors in giving IPO proceeds as loan to subsidiary company, appellants had violated ICDR regulations and PFUTP Regulations.

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