In a case involving diverting the company's IPO proceeds to a promoter group firm, SEBI on Monday banned Austral Coke and Projects Ltd (formerly known as Greenearth Resources and Projects Ltd) and four other individuals from the securities market for six months. In addition to Austral Coke, Ratan Lal Tamakhuwala, Rishi Raj Agarwal, S K Chowdhary, and Rajendra Kumar Khaitan are also blacklisted by Sebi. Austral Coke has broken the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations by engaging in these actions. In August 2008, Austral Coke launched its initial public offering. Austral Coke was issued an interim injunction in September 2009 that forbade it from obtaining any additional funds in any way, whether directly or indirectly, until further instructions.

Source: The Star December 06, 2022 16:13 UTC