Sebi Orders Impounding Of Unlawful Gains In Ruchi Soya Case

Mumbai: Capital market regulator Sebi on Wednesday ordered impounding of unlawful gains of around Rs 8.3 crore from seven entities for alleged price rigging in the shares of Ruchi Soya Industries.

In an interim order, the regulator directed seven entities -- Navinya Multitrade, Shreyans Credit and Capital, Betul Minerals and Constructions, Aventis Biofeeds, Betul Oils and Feeds, Sunmate Trade, Uni24 Techno Solutions -- to deposit alleged unlawful gains of total Rs 8.3 crore (Rs 8,30,99,802), including interest, to an escrow account.

Sebi in a preliminary probe had found that seven entities executed trades with huge volumes and at a price significantly above the last traded price (LTP) and pushed up the price of the scrip of Ruchi Soya on September 27, 2012.

"Accordingly, as an interim measure, an ad-interim ex-parte Order for impounding such alleged profits ... needs to be issued against the suspected entities," the Sebi order dated June 7 said.

The Sebi ordered to impound the alleged unlawful gains of a sum of Rs 8,30,99,802 (alleged gain of Rs 5,75,68,000 and interest of Rs 2,55,31,802), jointly and severally from these entities.

The entities are directed not to dispose off or alienate any of their assets or securities, till such time the amounts is credited to an escrow account, the order said.

 

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