Amadhi Investment to give INR 10 lakh for noncompliance, SEBI imposes fine
Amadhi has not appealed before the Securities Appellate Tribunal, hence the March 2017 order was in force all times.
In March 2017, the regulator had passed an order directing Amadhi to disgorge an unlawful profit of Rs 77.77 lakh with 10 percent interest from 2005 till the date of payment for indulging in fraudulent and manipulative activities in the initial public offerings (IPO) of several companies during 2003-05.
Moreover, Amadhi has not appealed before the Securities Appellate Tribunal, hence the March 2017 order was in force all times, added Sebi.
"Noncompliance of the directions is continuing till date... the brazen defiance shown by the Notice (Amadhi Investment) towards directions cannot be viewed lightly... Such violators should be suitably penalized," the regulator said, slapping a fine of Rs 10 lakh.
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