Sebi drops charges against individual in Bank of Rajasthan case

Securities and Exchange Board of India (Sebi) has disposed of a case against an individual for his alleged involvement in irregularities on part of Bank of Rajasthan (BoR)'s former promoters. Sebi said allegations of breach of various regulations by Dinesh Shyamsing Saini "do not stand established" and therefore he is been absolved of the charges. Saini had served as director of five companies — 21st Century Entertainment, Ahmednagar Investments, Cyber Info Zeeboomba.Com, EDC Securities and Giriganga Investment — alleged to be promoter group companies of BoR. Sebi had alleged that incorrect disclosures were made by the promoters of BoR and their PACs (Persons Acting in Concert) for the period June 2007 to December 2009. However, in its order issued yesterday, Sebi said Saini was not the director of the companies during the period for which the probe was conducted by the regulator.