Court issues process against Yashovardhan Birla in IPO funds diversion case
Headline by Prism · from 1 report
A sessions court has issued a process against Yashovardhan Birla and twelve others regarding the alleged diversion of funds from a 2011 initial public offering.
The brief
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- A sessions court in Mumbai issued a process against Yashovardhan Birla and 12 other individuals following a complaint from the Ministry of Corporate Affairs.
- The complaint alleges that Rs 33.4 crore was siphoned from the Rs 65.17 crore raised by Birla Power Solutions Limited through an IPO in 2011.
- The court noted administrative defects in the filing and ordered the complainant to pay a penalty of Rs 500.
- This legal action marks a significant development in the oversight of funds raised through public issues.
Who said what
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Gopal G Bhansali
Additional Sessions Judge
1 quote · 1 outlet
“The list of the documents is not given at the end of complaint. It is given in the index in beginning, therefore various page numbers are typed, cancelled, re-written by sketchpen.”
In the article
…the collected amount was allegedly moved. The matter has been adjourned to Oct 13. The court also pointed out defects in the filing of the complaint. Taking note of corrections made in the pagination, the court said, “ The list of the documents is not given at the end of complaint. It is given in the index in beginning, therefore various page numbers are typed, cancelled, re-written by sketchpen. ” For these filing defects, the court directed the Registrar of Companies to deposit Rs 500 as cost to govt within two weeks. Taking note of corrections made in the pagination, the court said, “The list of the documents…
Coverage
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All filed from India
NamedIndia · Birla Power Solutions Limited · Laxmi Trading · New Fashion · NP Enterprise · Ora Associates · Skylite · Gopal G Bhansali · Ministry of Corporate Affairs · Sandeep Singh · Yashovardhan Birla
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