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Connect with friends faster than ever with the new Facebook app. Earlier this month as well, in another case, Sebi had banned Yash from the market for two years. Mr Birla has also resigned from Birla Power, Pacific Medspa, Precision Tech and Melstar IT in the past few months. 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. MUMBAI: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. 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. 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. A Bloomberg report said that Birla and several companies promoted by him were being investigated by the Serious Fraud Investigation Office, the Enforcement Directorate, the Economic Offences Wing of the Mumbai Police, the income tax department and the Securities and Exchange Board of India. Another romance appears to have bitten the dust. 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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. Save up to ₹30,690*. Travel before March 21 & save 20% on your next booking. 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. Karan, obviously gay and Sharukh were partner at times. Yash Birla,Aditya chopra, Sunny Deol, Akshay khanna, Akshay kumar, Sunil shetty are gay. Yash Birla, 3 others barred from securities market Mumbai: The Securities and Exchange Board of India (SEBI) has barred four individuals, including Yashovardhan Birla, the Chairman of Yash Birla Group, from the markets in relation to manipulation in issuance of global depository receipts (GDR) by Birla Cotsyn (India) Ltd way back in 2010. birla Blogs, Comments and Archive News on Economictimes.com 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. screengrabValencia College President Sandy ShugartLast week, Valencia College came under intense scrutiny when two female students alleged in a federal lawsuit Acer launches Chromebook 511, Chromebook Spin 512, more laptops aimed at students, The 2 Most Stubborn Zodiac Signs (And 2 That Go with the Flow), Skoda Rapid Rider relaunched: Still lowest-priced sedan in segment, Rishabh Pant's VIDEO of Singing 'Spiderman, Spiderman' Goes Viral During India vs Australia 4th Test 2021 at Gabba, Amazon Prime Video Comes up With Witty Response | WATCH, PM Modi releases around Rs 2,691 crore under Pradhan Mantri Awaas Yojana, Salman Khan plans to wrap up Antim by mid Feb; Moves on to Tiger 3 from March, Everton enquire about Real Sociedad's Modibo Sagnan, Indigo Paints IPO Opens Today: All You Need to Know, This Nutrient Found In Soda and Coffee Can Cause Kidney Stones. Mumbai: Yashovardhan Birla, Chairman of Yash Birla Group has been barred from the securities market by SEBI twice in just a month’s time. According to reports, an amount of over Rs 30 crore is untraceable. Do more strength training than cardio, Move over, olive tree: These are the hottest houseplant trends of 2021, BMW 3 Series Gran Limousine to be launched in India tomorrow, 'How is That no Shot?' Government has a Diwali gift borrowers who payed timely EMIs 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”. Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. The income tax department had carried out raids on Birla-related entities for tax evasion last week. Stocks in the news: Lupin, DHFL, Mindtree, Wipro, Zee and Jet Airways Sebi also banned several others associated with Yash for their roles in the same matter. Get all the latest news and updates on Yash only on News18.com. This is the second time in a month that an order banning Yash Birla from entering the stock market has been issued by SEBI. Like us on Facebook to see similar stories, Trinamool Congress unveils Lenin's statue in Kharagpur in presence of Left leaders. It was the first company to manufacture portable generators in India in 1986. Under the management of his four sons, J.K. Birla, R.D. Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. Yash was penalised by SEBI for allegedly diverting inventory market investor funds in the direction of inter-corporate deposits of his personal firm. 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. Play The virtual Boat Racing Game and challenge yourself Click to Play Now. Yash Birla and Avanti Birla during the launch of Ananya Birla's debut single Livin’ the Life (LTL) in Mumbai. 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Birla Power Solutions Ltd (BPSL), is an Rs.2500 Crore Yash Birla Group Company, established in April 1984 in collaboration with globally renowned Yamaha Motor Co. JAPAN by dynamic visionary late Shri Ashok Birla. Most of these firms are credit score defaulters. 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. 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 The broker had bought the stock of the company on its first day on the bourses. The investigation by Sebi also found that despite the company’s promise to set up spa centres across the country, none have come up so far. Read Exclusive COVID-19 Coronavirus News updates, & Health Tips from India and World at Asianet Newsable. Earlier this month as well, in another case, Sebi had banned Yash from the market for two years. Birla, G.D. Birla and B.M. 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. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. Sebi also banned several others associated with Yash for their roles in the same matter. Great Republic Day sale is now live! birla Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Incredible, say fans. Ananya Birla launches her debut single Photogallery. In its probe, SEBI found that company made misstatements in the Rs 65 crore IPO prospectus of Birla Pacific Medspa Limited. “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. Yash Birla resigned from Birla Precision on May 27. Would Rajini myth have survived political foray? The Company has many firsts to its credit. ‘Going bananas’: Men on Instagram show off new beard look inspired by monkey’s tail! 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Mira Rajput on embracing parenthood with Shahid Kapoor: Your partner's support is very important in every step. Birla, the group business increased and multiplied. Yash Birla's companies include Zenith Steel, Birla Power, Birla Lifestyle, Shloka Infotech and Birla Cotsyn. Yash was penalised by SEBI for allegedly diverting inventory market investor funds in the direction of inter-corporate deposits of his personal firm. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. Regulator Sebi has banned Yashovardhan Birla from the market for two years. After Getting Delayed Akshay Kumar's Bell Bottom Makers Exploring The Option Of Releasing The Film Directly On Digital? 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 … On a Prayer book launch Photogallery. According to reports, an amount of over Rs 30 crore is untraceable. How many players do you prefer playing with? Owned by the US-based Walmart, Flipkart is paying a premium of nearly 34% for each ABFR share at Rs 205 compared to Thursday’s close on the BSE (24% from Friday’s), according to regulatory filings. MUMBAI: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. Mignon du Preez: 'I've got this new hunger to get back on the field again', UPDATE 1-India, 'pharmacy of the world', starts COVID vaccine exports, 6 Healthy Noodles You Should Be Eating, According to a Dietitian, India’s new tourism model is small local rentals, homestays. 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. What has gone wrong in Liverpool's title defence? Sebi also banned several others associated with Yash for their roles in the same matter. Mumbai: The Securities and Exchange Board of India (SEBI) has barred four individuals, including Yashovardhan Birla, the Chairman of Yash Birla Group, from the markets in relation to manipulation in issuance of global depository receipts (GDR) by Birla Cotsyn (India) Ltd way back in 2010. Gauri Should hv done more by deepak on Jul 11, 2010 01:51 AM | Hide replies SRK now is an Islamic activist. Birla Medspa had thus “deviated from issue objects and diverted money from IPO proceeds worth Rs 33.4 crore”, Sebi noted. "The fact that funds of IPO proceeds would be deployed as ICDs to group companies of BPML as against the setting up of Evolve Centers was never disclosed in the prospectus. 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. Mumbai, Oct 28 (IANS) Yashovardhan Birla, Chairman of Yash Birla Group has been barred from the securities market by SEBI twice in just a month’s time. Snapped: Nandita Das attends book launch - While Nandita Das attended the launch of a book on feminism and other issues, Yash Birla was spotted at a wine festival in Nashik Read Politics news, current affairs and news headlines online on Yash News Page-11 today. “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. Yash Birla and Shobhaa De chats during the launch of book 'On a Prayer', held at Crossword, Inorbit Mall in Mumbai. Yashovardhan Birla has resigned from the boards of four listed group companies so far this year. 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