Incredible, say fans. 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. The income tax department had carried out raids on Birla-related entities for tax evasion last week. 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. Yash Birla's companies include Zenith Steel, Birla Power, Birla Lifestyle, Shloka Infotech and Birla Cotsyn. 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 Karan, obviously gay and Sharukh were partner at times. Like us on Facebook to see similar stories, Trinamool Congress unveils Lenin's statue in Kharagpur in presence of Left leaders. The Company has many firsts to its credit. birla Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. Yash was penalised by SEBI for allegedly diverting inventory market investor funds in the direction of inter-corporate deposits of his personal firm. birla Blogs, Comments and Archive News on Economictimes.com Government has a Diwali gift borrowers who payed timely EMIs “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. 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?' 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. 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. In its probe, SEBI found that company made misstatements in the Rs 65 crore IPO prospectus of Birla Pacific Medspa Limited. 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. 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. Get all the latest news and updates on Yash only on News18.com. 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. Another romance appears to have bitten the dust. “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. Would Rajini myth have survived political foray? Birla, the group business increased and multiplied. 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Regulator Sebi has banned Yashovardhan Birla from the market for two years. On a Prayer book launch Photogallery. Read Politics news, current affairs and news headlines online on Yash News Page-11 today. "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. Sebi also banned several others associated with Yash for their roles in the same matter. 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. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. This is the second time in a month that an order banning Yash Birla from entering the stock market has been issued by SEBI. Play The virtual Boat Racing Game and challenge yourself Click to Play Now. screengrabValencia College President Sandy ShugartLast week, Valencia College came under intense scrutiny when two female students alleged in a federal lawsuit After Getting Delayed Akshay Kumar's Bell Bottom Makers Exploring The Option Of Releasing The Film Directly On Digital? Yashovardhan Birla, Chairman of the Yash Birla Group, has been suspended from the stock market by SEBI, twice in just a month. What has gone wrong in Liverpool's title defence? 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. Mumbai: Yashovardhan Birla, Chairman of Yash Birla Group has been barred from the securities market by SEBI twice in just a month’s time. 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. ‘Going bananas’: Men on Instagram show off new beard look inspired by monkey’s tail! Sebi also banned several others associated with Yash for their roles in the same matter. Read Exclusive COVID-19 Coronavirus News updates, & Health Tips from India and World at Asianet Newsable. Here is the blind item from Open Magazine by Rajeev Masand:. So, there were efforts for layering, relating to fund transfers. Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. Ananya Birla launches her debut single Photogallery. 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. Yash Birla and Avanti Birla during the launch of Ananya Birla's debut single Livin’ the Life (LTL) in Mumbai. Yash Birla resigned from Birla Precision on May 27. The broker had bought the stock of the company on its first day on the bourses. How many players do you prefer playing with? Find the best deals. 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”. 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? 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. 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. - 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. Yashovardhan Birla has resigned from the boards of four listed group companies so far this year. 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. Save up to ₹30,690*. Birla, G.D. Birla and B.M. 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 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. Sanjay leela bhansali being so … 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 … Today the Yash Birla Group is a well diversified entity with a turnover of over INR 30 Billion. Earlier this month as well, in another case, Sebi had banned Yash from the market for two years. Mumbai: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. 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. Most of these firms are credit score defaulters. Travel before March 21 & save 20% on your next booking. MUMBAI: Regulator Sebi has banned Yashovardhan (Yash) Birla from the market for two years. 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