Sebi on Tuesday levied fines totalling Rs 20 lakh on PVR Murthy in the manipulation of global depository receipts (GDR) of Birla Cotsyn (India) Ltd and Zenith Birla (India) Ltd (now known as Zenith Steel Pipes & Industries).
In two separate orders, the regulator slapped a fine of Rs 10 lakh each on PVR Murthy.
The order came after the Securities Appellate Tribunal (SAT) in its ruling on November 2022, set aside two different Sebi orders passed on May 2022 and June 2022, in the matter of Birla Cotsyn and Zenith Birla and remanded the matter back to the markets watchdog and pass a fresh one.
The regulator conducted its investigations into the alleged irregularities in the GDR of Birla Cotsyn (India) Ltd (BCIL) and Zenith Birla (India) Ltd (ZBIL) during the period February-April 2010 and May-June 2010, respectively.
The regulator found in its investigations that the GDR issue would not have been subscribed had ZBIL and BCIL not given any such security towards the loan taken by …
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