Birla Medspa had thus “deviated from issue objects and diverted money from IPO proceeds worth Rs 33.4 crore”, Sebi noted. Today the Yash Birla Group is a well diversified entity with a turnover of over INR 30 Billion. Yash was penalised by SEBI for allegedly diverting inventory market investor funds in the direction of inter-corporate deposits of his personal firm. 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. Regulator Sebi has banned Yashovardhan Birla from the market for two years. Yashovardhan Birla has resigned from the boards of four listed group companies so far this year. The broker had bought the stock of the company on its first day on the bourses. 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Incredible, say fans. Gauri Should hv done more by deepak on Jul 11, 2010 01:51 AM | Hide replies SRK now is an Islamic activist. "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. Most of these firms are credit score defaulters. birla Blogs, Comments and Archive News on Economictimes.com Karan, obviously gay and Sharukh were partner at times. 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. Yashovardhan Birla, Chairman of the Yash Birla Group, has been suspended from the stock market by SEBI, twice in just a month. So, there were efforts for layering, relating to fund transfers. Earlier this month as well, in another case, Sebi had banned Yash from the market for two years. Read Exclusive COVID-19 Coronavirus News updates, & Health Tips from India and World at Asianet Newsable. 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. Read Politics news, current affairs and news headlines online on Yash News Page-11 today. 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. According to reports, an amount of over Rs 30 crore is untraceable. Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. Get all the latest news and updates on Yash only on News18.com. In its probe, SEBI found that company made misstatements in the Rs 65 crore IPO prospectus of Birla Pacific Medspa Limited. After Getting Delayed Akshay Kumar's Bell Bottom Makers Exploring The Option Of Releasing The Film Directly On Digital? Great Republic Day sale is now live! Another romance appears to have bitten the dust. Mira Rajput on embracing parenthood with Shahid Kapoor: Your partner's support is very important in every step. “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. 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Yash Birla's companies include Zenith Steel, Birla Power, Birla Lifestyle, Shloka Infotech and Birla Cotsyn. birla Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. 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? Yash Birla,Aditya chopra, Sunny Deol, Akshay khanna, Akshay kumar, Sunil shetty are gay. 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 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”. - 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. Sebi also banned several others associated with Yash for their roles in the same matter. 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. “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. 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. The Company has many firsts to its credit. 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 and Shobhaa De chats during the launch of book 'On a Prayer', held at Crossword, Inorbit Mall in Mumbai. 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. Find the best deals. 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. 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. 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