The Securities and Exchange Board and India (Sebi) has debarred five intermediaries _ Sohanlal Binjrajka and M/s Binjrajka Portfolio, Dimple Shah and M/s Mukut Stock Brokers, Rajesh R Sheth and Anubhav Investments, M K Ruparel and M/s Shreeji Investments and Kamlesh C Bharwada and M/s Virajka Associates for a period of five years.
The action against the members has been taken for their alleged role in the price manipulation in stock price of SVA India. Investigations were conducted by Sebi into the trading in the scrip of this company pursuant to an abnormal price rise from Rs 42.50 to Rs 150 in November 1995.
Investigations revealed that shares of SVA India were cornered by a group of persons through a few brokers of the BSE, which resulted in the manipulation of the price of the scrip.
Also Read
Sebi had suspended four brokers for a period of 60 days from April 1998. The market regulator had also frozen the unlawful gains earned by the manipulators. They had been found guilty of market manipulation and price rigging and had violated Sebi (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, 1995. ommended a dividend of 10 per cent. Gross profit fell to Rs 4.46 crore compared to Rs 5.21 crore. Net sales/income from operations increased to Rs 133.18 crore compared to Rs 83.16 crore the previous year. Other income fell to Rs 59 lakh compared to Rs 80 lakh the previous year.
Tata Sponge
CALCUTTA: Tata Sponge Iron has closed the fiscal ended March 31, 1999, with a net profit of Rs 5.22 crore.
The board has recommended a dividend of 10 per cent. The company's turnover stood at Rs 94.58 crore during the year.