Sebi has barred two individuals from accessing the securities market for two years for irregularities in the IPO of Timbor Home Ltd (THL) back in 2011.
The individuals -- Anant Sureshchandra Maloo and Manan Vidhyapati Patel -- were the directors of the company during the period of Initial Public Offer (IPO).
The regulator had conducted an investigation for the period of June 22 to July 8, 2011 into the scrip of Timbor Home Ltd. The company came out with its IPO in 2011.
According to Sebi, the company had failed to disclose its pre-existing liabilities amounting to around Rs 7 crore related to working capital expenses in the Red Herring Prospectus and on the contrary, it made an affirmative disclosure that there is no pre-existing liability related to working capital expenses.