Earlier this month as well, in another case, Sebi had banned Yash from the market for two years. Great Republic Day sale is now live! How many players do you prefer playing with? Yash was penalised by SEBI for allegedly diverting inventory market investor funds in the direction of inter-corporate deposits of his personal firm. After Getting Delayed Akshay Kumar's Bell Bottom Makers Exploring The Option Of Releasing The Film Directly On Digital? Play The virtual Boat Racing Game and challenge yourself Click to Play Now. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. Birla Medspa had thus “deviated from issue objects and diverted money from IPO proceeds worth Rs 33.4 crore”, Sebi noted. 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. The broker had bought the stock of the company on its first day on the bourses. Yashovardhan Birla has resigned from the boards of four listed group companies so far this year. Travel before March 21 & save 20% on your next booking. 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? Sanjay leela bhansali being so … 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. The growing business interests of the Birla brothers led to a split in the companies and assets. Yash Birla and Shobhaa De chats during the launch of book 'On a Prayer', held at Crossword, Inorbit Mall in Mumbai. Yash was penalised by SEBI for allegedly diverting inventory market investor funds in the direction of inter-corporate deposits of his personal firm. 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. Another romance appears to have bitten the dust. Sebi also banned several others associated with Yash for their roles in the same matter. 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. Find the best deals. Sebi also banned several others associated with Yash for their roles in the same matter. MUMBAI: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. On a Prayer book launch Photogallery. 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. Mr Birla has also resigned from Birla Power, Pacific Medspa, Precision Tech and Melstar IT in the past few months. “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. Government has a Diwali gift borrowers who payed timely EMIs 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?' Read Exclusive COVID-19 Coronavirus News updates, & Health Tips from India and World at Asianet Newsable. 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According to reports, an amount of over Rs 30 crore is untraceable. According to reports, an amount of over Rs 30 crore is untraceable. This is the second time in a month that an order banning Yash Birla from entering the stock market has been issued by SEBI. 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 … So, there were efforts for layering, relating to fund transfers. Read Politics news, current affairs and news headlines online on Yash News Page-11 today. 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. Most of these firms are credit score defaulters. What has gone wrong in Liverpool's title defence? ‘Going bananas’: Men on Instagram show off new beard look inspired by monkey’s tail! “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. 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. Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. birla Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Stocks in the news: Lupin, DHFL, Mindtree, Wipro, Zee and Jet Airways Yash Birla,Aditya chopra, Sunny Deol, Akshay khanna, Akshay kumar, Sunil shetty are gay. 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 It was the first company to manufacture portable generators in India in 1986. Like us on Facebook to see similar stories, Trinamool Congress unveils Lenin's statue in Kharagpur in presence of Left leaders. Regulator Sebi has banned Yashovardhan Birla from the market for two years. The Company has many firsts to its credit. 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. Karan, obviously gay and Sharukh were partner at times. 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. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. Mira Rajput on embracing parenthood with Shahid Kapoor: Your partner's support is very important in every step. Earlier this month as well, in another case, Sebi had banned Yash from the market for two years. screengrabValencia College President Sandy ShugartLast week, Valencia College came under intense scrutiny when two female students alleged in a federal lawsuit Would Rajini myth have survived political foray? 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Today the Yash Birla Group is a well diversified entity with a turnover of over INR 30 Billion. "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. 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. Sebi also banned several others associated with Yash for their roles in the same matter. Mumbai: Yashovardhan Birla, Chairman of Yash Birla Group has been barred from the securities market by SEBI twice in just a month’s time. 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. 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. Under the management of his four sons, J.K. Birla, R.D. Gauri Should hv done more by deepak on Jul 11, 2010 01:51 AM | Hide replies SRK now is an Islamic activist. 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. Incredible, say fans. 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. 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. 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. The income tax department had carried out raids on Birla-related entities for tax evasion last week. - 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. Yash Birla's companies include Zenith Steel, Birla Power, Birla Lifestyle, Shloka Infotech and Birla Cotsyn. In its probe, SEBI found that company made misstatements in the Rs 65 crore IPO prospectus of Birla Pacific Medspa Limited. 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. 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”. Get all the latest news and updates on Yash only on News18.com. MUMBAI: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. Birla, the group business increased and multiplied. Yashovardhan Birla, Chairman of the Yash Birla Group, has been suspended from the stock market by SEBI, twice in just a month. Save up to ₹30,690*. 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 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. 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. Here is the blind item from Open Magazine by Rajeev Masand:. 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. Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. 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