SEBI has issued ad-interim ex-parte orders under 7 companies which had tapped the capital markets in the current year. In very detailed orders on each of these companies, SEBI has been able to detect the money trail and has ordered that the money be deposited in an escrow account within the next seven days. This is a great effort done by SEBI and they should be complemented for the findings and the meticulous detailing of the execution of the frauds that were done by these companies on investors.
| The names of the companies are as follows:- | |
| 1) | Bharatiya Global Infomedia Limited |
| 2) | Brooks Laboratories Limited |
| 3) | Onelife Capital Advisors Limited |
| 4) | P G Electroplast Limited |
| 5) | RDB Rasayans Limited |
| 6) | Taksheel Solutions Limited |
| 7) | TijariaPolypipes Limited |
Of the above seven issues 4 of the issues namely Onelife, RDB Rasayan, Taksheel and Tijaria were part of the bunch of issues which came in the end of September 2011. Readers of this site would remember that these issues were highlighted as having extremely poor fundamentals and their issues being overpriced. Things are now falling in place.
The modus operandi used by promoters in these issues is almost similar and SEBI has got to the bottom of it. One hopes that with such a big operation having been done successfully, the menace of poor IPO’s and the fact that the primary market has virtually dried up or kileed by such issues is likely to improve.
The present modus operandi of pre-sold issues is unlikely to happen in the near future in the same manner as was prevalent.
