Mumbai: Shares of Rasoya Proteins Ltd fell 4.11% to 0.70 on BSE after the Securities and Exchange Board of India (Sebi) said that market ban for alleged fraudulent activities will stay.

On Monday, the capital market regulator said restrictions on Rasoya Protein and nine other entities from the capital markets will remain in place, in a case related to fraudulent activities with respect to the company’s global depository receipts (GDR) issue.

Sebi on 24 September 2014 barred Rasoya Protein, its four directors and five other entities from the capital markets for alleged fraudulent activities with respect to the company’s Global Depository Receipts (GDR) issue.

GDR is a financial instrument used by companies to raise capital overseas.

The interim order was passed after a preliminary probe by Sebi found the involvement of these entities in market manipulation.

Rasoya Protein and its four directors—Prashant Duchakke, Anil Lonkar, Sameer Damle and Ajay K. Singh—were found to have colluded with Arun Panchariya, India Focus Cardinal Fund (owned by him), Pan Asia Advisors, Vintage FZE and its director Mukesh Chauradiya.

Close