The action is due to misutilisation of funds collected through the initial public offering (IPO) of Birla Pacific Medspa in mid-2011, including using the proceeds from … “In case of Birla Power, the money is utilised to the extent of Rs 75 crore,’’ Yash Birla Group said in a statement, saying PanAsia managed its issues. On the listing day, the stock had closed 154% up over its IPO price despite the company having a rating that indicated “below average fundamentals”. Also, 50% of the proceeds or Rs 31.54 crore were deployed as inter-corporate deposits to group companies, out of which 60% of ICD's were never returned to the company. Get all the latest news and updates on Yash only on News18.com. Another romance appears to have bitten the dust. Yash Birla,Aditya chopra, Sunny Deol, Akshay khanna, Akshay kumar, Sunil shetty are gay. - Fans Confused After 3rd Umpire's Strange DRS Call on Pujara, Watch Video, Guru Gobind Singh Jayanti 2021: History, significance, teachings, Happy Birthday Krishnam Raju: When Prabhas groomed his uncle at a party before the photo session; WATCH, ISL 2020-21 Kerala Blasters vs Bengaluru FC Live Streaming: When and Where to Watch Live Telecast, Timings in India, Team News, Amazon, Flipkart Republic Day Sale 2021: Offers on Smart TVs, wireless earbuds and more, Men Over 40 Should Make One Small Change for Safer Chest Workouts, Everything you need to know about the zodiac sign Cancer, Elli AvrRam shares video while prepping for something exciting. A top executive of the Yash Birla group of companies was detained from a five-star hotel in South Mumbai by officials of the Narcotics Control Bureau (NCB) for alleged drug possession late on Friday night. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. Like us on Facebook to see similar stories, Trinamool Congress unveils Lenin's statue in Kharagpur in presence of Left leaders. This is the second time in a month that an order banning Yash Birla from entering the stock market has been issued by SEBI. Regulator Sebi has banned Yashovardhan Birla from the market for two years. The broker had bought the stock of the company on its first day on the bourses. Also read: Yash Birla Banned From The Securities Market, Twice "In order to avoid any kind of mis-information/ lag between sending the information by broker/merchant banker and receipt of information by investors, the seller/ broker may direct the investors/clients to the publicly available sources," SEBI said. Incredible, say fans. MUMBAI: Yash Birla group employee Anant Vardhan Pathak (31) was found snorting cocaine when income tax officials entered his hotel room at 7am on Friday, sources said. Birla Medspa had thus “deviated from issue objects and diverted money from IPO proceeds worth Rs 33.4 crore”, Sebi noted. What has gone wrong in Liverpool's title defence? “On the contrary, around 50% of the IPO proceeds were deployed as ICDs (inter-corporate deposits) to group companies, out of which 60% of ICDs were never returned to the company,” the order pointed out.Along with Yash, 10 other entities have been banned from the market for two years, while another one has been banned for six months. According to reports, an amount of over Rs 30 crore is untraceable. Sebi also banned several others associated with Yash for their roles in the same matter. Yashovardhan Birla, Chairman of the Yash Birla Group, has been suspended from the stock market by SEBI, twice in just a month. 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SEBI said that while around 75% of the proceeds were promised to be utilised in setting up of Evolve Med Spa centres under the 'objects of the issue' in the prospectus, no such centres have been set up ultimately. Yash Birla barred from securities market for 2nd time in a month Wed, Oct 28 TikTok teams up with Shopify to boost e-commerce Wed, Oct 28 Cognizant names Rajesh Nambiar as India MD & Chairman Wed, Oct 28 Apple TV+ partners Emmy award-winner Jon Stewart Wed, Oct 28 Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. Karan, obviously gay and Sharukh were partner at times. Birla, G.D. Birla and B.M. According to the 61-page order by Sebi whole-time member Ananta Barua, Birla Medspa opened its Rs 65-crore IPO in June 2011 and the shares were listed on July 7 in the same year. In its probe, SEBI found that company made misstatements in the Rs 65 crore IPO prospectus of Birla Pacific Medspa Limited. In fact, the prospectus never contemplated that funds would be deployed as ICDs to group companies within five days from the receipt of IPO proceeds without any event of exigency," Sebi noted. Yash Birla and Avanti Birla during the launch of Ananya Birla's debut single Livin’ the Life (LTL) in Mumbai. Connect with friends faster than ever with the new Facebook app. Travel before March 21 & save 20% on your next booking. The action is due to misutilisation of funds collected through the initial public offering (IPO) of Birla Pacific Medspa in mid-2011, including using the proceeds from the offer to manipulate the stock price. The action is due to misutilization of funds collected through the initial public offering of Birla Pacific Medspa in mid-2011, including using the proceeds from the offer to manipulate the stock price. Ananya Birla launches her debut single Photogallery. Yash was penalised by SEBI for allegedly diverting inventory market investor funds in the direction of inter-corporate deposits of his personal firm. 2021 budget needs to catch up, 2021 Tata Altroz iTurbo review: Well balanced, but something missing, Leaving Camera On During Video Calls, Streaming Videos in HD Increases Your Carbon Footprint, Study Finds, Italy police recover stolen painting of Leonardo da Vinci school, museum unaware of theft, 'Asked me to feel his private part': After Jiah Khan's sister, Sherlyn Chopra accuses Sajid Khan of sexual misconduct, Okuhle Cele, Ryan Rickelton, Jacques Snyman get maiden South Africa call-ups, Vivo Y31 With Triple Rear Cameras, Snapdragon 662 SoC Launched in India, Priced at Rs 16,490, The best way to lose those kilos? birla Blogs, Comments and Archive News on Economictimes.com Here is the blind item from Open Magazine by Rajeev Masand:. Yash Birla's companies include Zenith Steel, Birla Power, Birla Lifestyle, Shloka Infotech and Birla Cotsyn. What stands out is that large GDR issuances from Yash Birla Group has investors like Figura, TrendSetter, Tradetec, Imagination, Flagstaff that figure in the Sebi list of alleged manipulators. screengrabValencia College President Sandy ShugartLast week, Valencia College came under intense scrutiny when two female students alleged in a federal lawsuit Mr Birla has also resigned from Birla Power, Pacific Medspa, Precision Tech and Melstar IT in the past few months. Within days of listing, Birla Medspa had transferred large amounts of funds to other entities, which transferred these on to some others that, in turn, transferred to a broker, GRD Securities. It was the first company to manufacture portable generators in India in 1986. Exploring the Option of Releasing the Film Directly on Digital generators in in... 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