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The Securities and Exchange Board of India (Sebi) today rejected pleas for revocation of its orders against two Kolkata-based firms, including Rosevalley Merchandise, and their directors, barred from the markets in a case related to irregularities in initial public offering (IPO) of Taksheel Solutions.
In a confirmatory order, Sebi has said it did not 'find it fit to modify/revoke the ad interim directions issued vide order dated December 28, 2011, with respect to Rosevalley Merchandise, its directors and Overall Financial Consultants and its directors'.
Sebi's probe found both the firms share the same address in Kolkata and were suspected of fraudulent, manipulative and abusive market activities in their dealings of shares of Taksheel Solutions.
Last month, Sebi had also imposed a penalty on another Kolkata-based group, Rose Valley Real Estate and Constructions, for issuing certain bonds without necessary approvals. While a further probe is currently underway against this company, it could not be ascertained whether Rosevalley Merchandise is linked to the same Rose Valley Group.
In today's order against Rosevalley Merchandise, Sebi said it "...Hereby confirm the directions issued vide the ad-interim ex-parte order dated December 28, 2011 in the IPO matter of Taksheel Solutions against Rosevalley Merchandise, its directors, namely Anil Sharma and Biraj Sonakar and Overall Financial Consultants, its directors, namely Anup Kumar Sharma and Manoj Kumar Pandit."
