SEBI Bans Acropetal Technologies MD For 10 years
Acropetal Technologies Ltd offers IT re-appropriating administrations to customers in building configuration administrations, medicinal services, and vitality and condition divisions. In Feb 2011, it had propelled a first sale of stock worth Rs 170 crore. On Friday, the market controller Sebi has banned Acropetal Advancements MD Mr. D Ravi Kumar for a long time. SEBI bans Acropetal Technologies MD from the capital market for occupying the assets raised through its Initial public offering.
Then again, it additionally prohibited six senior authorities of the organization for 2 to 5 years. Also, different elements identified with the organization got banished notice from the controller for a long time.
As of the reports, Sebi is at its drive examination in the matter of Acropetal Tech IPO to decide if there were any infringement of the protections showcase.
In Feb 2011, the organization was raised over Rs 170 crore through an Initial public offering at a value band of Rs 88 to Rs 90 for each value share.
As per the reports, the authorities of Acro Tech Ltd have not used the assets towards the items as proclaimed in its draft outline. It was finished by Acropetal Tech Ltd with the assistance of different primary substances. Albeit, a portion of the elements were identified with the organization. The organization had moved the assets to its related substances for the exchanging.
"It is resolved that ATL is answerable for the preoccupation of Initial public offering continues which has prompted the infringement of PFUTP Guidelines. It has eminently shifted from the objects of the issue. In addition, it has not dealt with the net continues as views the articles as said in its draft plan, said Sebi."
It additionally included that the elements of ATL neglected to make valid and good exposures in the outline. In addition, it deludes financial specialists. As of result, SEBI Bans Acropetal Innovations MD Mr. D Ravi Kumar from the capital market for a long time. It likewise prohibited him from the tasks of purchasing, selling or any managing in protections as straightforwardly or in a roundabout way in the market. At all, It has prohibited him from a wide range of exercises identified with the capital market for a long time.