Restrictions on Rasoya Protein and nine other entities from the capital markets, will remain in place, in a case related to fraudulent activities with respect to the company's Global Depository Receipts (GDR) issue.
The case relates to perpetrating "fraudulent plan" with regard to GDR subscription, creation of underlying shares using the facade of GDR issue and monetisation of those securities through share sale.
Rasoya Protein and its four directors -- Prashant Duchakke, Anil Lonkar, Sameer Damle and Ajay K Singh -- were found to have colluded with Arun Panchariya, India Focus Cardinal Fund (owned by him), Pan Asia Advisors, Vintage FZE and its director Mukesh Chauradiya.
On September 24, 2014, Sebi had restrained the entities from accessing the securities market and dealing in securities.
In its latest order today, Sebi whole time member Rajeev Kumar Agarwal said that "the noticees have not been able to make out a prima facie case for revocation or modification of the interim order and the material available on record justifies the continuation of the directions passed against them under the interim order".
Accordingly, Agarwal has confirmed "the directions issued vide the ad interim ex-parte order dated September 24, 2014".
Sebi had found that the company and its directors had made false and misleading disclosures and misrepresentations. The alleged activities had taken place between 2010-13.
