Sebi has barred three former top executives of Geodesic Ltd, which owned children’s magazine Chandamama, from the securities markets for one year for siphoning off funds.
Those barred by the capital markets regulator are — Kiran Kulkarni, who was the managing director of Geodesic; Pankaj Kumar, who was the company’s chairman; and Prashant Mulekar, who was the director and compliance officer, according to a Sebi order.
Chandamama India Limited, publishers of the much loved Chandamama range of children’s magazines, was a subsidiary of Geodesic Ltd.
In its order, Sebi found that these persons were involved in siphoning of USD 125 million raised by the company through redeemable Foreign Currency Convertible Bonds (FCCBs) from overseas investors in 2008. The funds were mobilised for the purpose of investing in companies including wholly owned subsidiaries.
As per Sebi, audited balance sheet of the company for FY 2011-12 was full of misleading financial data and did not contain the true
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