Markets regulator Sebi on Wednesday prohibited Ashika Capital from accepting any new clients for three months for lapses in its role as a merchant banker in the IPO of Sudar Industries. The present matter emanates from an investigation carried out by Sebi into the IPO of Sudar Industries Ltd (SIL) for which Ashika Capital Limited was the Book Running Lead Manager (BRLM). Consequent to such investigation, lapses in Ashika Capital s role as the BRLM were found. In its order, Sebi said that the issuer company did not disclose the transactions of Addon Exports, A R Fabrics, ElimTraders, R J Traders and Shalom Fashion, which were proprietorship firms of employees of SIL and persons connected or related to key management personnel of SIL, in the Related Party Transactions.
The company submitted the same to SEBI on 25 February 2021.
The SEBI vide their mail dated 26 February 2021 has extended the tenure for subscription and conversion of warrant by further 2 weeks from the extension granted vide SEBI email dated 29 January 2021 i.e. till 14 March 2021.
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