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Sebi bans Inventure Growth, directors, others for 4 yrs

| | New Delhi

Regulator Sebi on Monday barred Inventure Growth and Securities as well as its directors and other senior officials from the capital markets for four years for concealing “material information” and making false and inadequate disclosures in the IPO documents.

The regulator, which conducted a probe into the affairs of Inventure Growth and Securities Ltd (IGSL) in relation to its initial public offer (IPO), found that the firm had misutilised the proceeds received 555from the initial share-sake by applying them towards activities not disclosed in the prospectus.

Besides, IGSL, which came out with its IPO in July 2011, made false statements in its prospectus with respect to raising bridge loans and other financial arrangements, the Securities and Exchange Board of India (Sebi) said in an order.

Further, the regulator said that the company’s managing director, nine directors, chief financial officer and compliance officer gave a wrong certificate in the prospectus and were also responsible for concealing material information, and making false and inadequate disclosures in the IPO documents.

Those facing the heat are the firm’s managing director Nagji K Rita; directors —Virendra D Singh, Kanji B Rita, Vinod K Shah, Pravin N Gala, Arun N Joshi, Srinivasaiyer Jambunathan, Harshavardhan M Gajbhiye, Ajay Khera and Deepak M Vaishnav — CFO Arvind Gala and company secretary and compliance officer Bhavi Gandhi.

By indulging in such activities, the company and its officials violated issue of capital and disclosure requirements (ICDR) regulations.

Accordingly, Sebi has barred the company, its directors, CFO, company secretary and compliance officer from the securities market for four years.

The company’s directors would not associate themselves with any listed company or registered intermediary “in the capacity of a director, key management personnel or partner for a period of four years, with effect from January 1, 2019”.

Further, the regulator has warned Gala and Gandhi “to exercise due care and diligence, in future in their conduct as CFO and company secretary, respectively of a listed company or a registered intermediary”.

 
 
 
 
 

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