Thursday, May 26, 2011

SEBI Order in the matter of Vaswani Industries Ltd IPO

SEBI has issued a press release in the matter of initial public offer of Vaswani Industries Ltd. Following are the highlights of the press release:
  1. Listing of security of the company should be stopped till an investigation of the withdrawal of applications is complete.

  2. Before permitting the security of the company to list, investors should be given an exit option so that the securities allotted to them in the IPO can be withdrawn; subsequently, a call on the investment in the company can be taken by the investors post listing of the same.

  3. A detailed investigation will start in this matter which will complete in 30 days (by 25th June 2011).

  4. The bankers will place the amount in the public issue account in an interest earning account.
Visit Vaswani Industries IPO page for more detail.