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SEBI bans GHCL founder Sanjay Dalmia from stock mkt

This article was posted on Apr 20, 2009 and is filed under Press Releases

The Securities and Exchange Board of India (SEBI) has barred Gujarat Heavy chemicals Limited (GHCL) founder and Chairman and Managing Director, Sanjay Dalmia from the stock market. SEBI said that the misleading difference in holding is hugely divergent.

It further added that for the September 2008 quarter, the promoter holding of 40.3% disclosed. Whereas, the actual holding was at 17.65%. Promoter holding fell by 20.14% as on March 2009 from last quarter, said SEBI. No intimation of share selling or transfer was given by the company to SEBI. Latest quarterly holdings reported an attempt to cover up earlier wrong disclosures.

source: Moneycontrol

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