Markets regulator Sebi has passed disgorgement orders of total Rs 1.05 crore in IPO share cases. The order is against against Himani N Patel and Dhaval A Mehta for allegedly cornering shares marked for retail investors in the Suzlon and IDFC public issues.
Ms Himani N Patel cornered 10,160 shares intended for retail investors through falsified means, and later sold those shares for a neat profit. She subscribed to the Suzlon public issue and also financed other investors. Sebi has directed Ms Patel to disgorge the unlawful gain of Rs 33,52,636, within 45 days along with a 10% interest from the date of listing of Suzlon shares. Sebi has also asked Dhaval Mehta to disgorge the unlawful gain of Rs 72 lakh along with interest at 10% from the date of listing of IDFC shares, within 45 days.
Ms Himani N Patel cornered 10,160 shares intended for retail investors through falsified means, and later sold those shares for a neat profit. She subscribed to the Suzlon public issue and also financed other investors. Sebi has directed Ms Patel to disgorge the unlawful gain of Rs 33,52,636, within 45 days along with a 10% interest from the date of listing of Suzlon shares. Sebi has also asked Dhaval Mehta to disgorge the unlawful gain of Rs 72 lakh along with interest at 10% from the date of listing of IDFC shares, within 45 days.
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