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Tuesday, February 06, 2007

Sebi bars Gammon Infra IPO for one-year

The Securities and Exchange Board of India, Sebi has barred Gammon Infrastructure Projects, GIPL IPO for one-year.

Gammon India filed appeal with SAT against Sebi order.

At present, Gammon India holds 82.5% stake in GIPL, which is likely to come down to nearly 20% after the latter’s maiden float comes through.

Earlier in the December, the Sebi fiat restricted GIPL parent company Gammon India Pvt Ltd, GPL from raising money from the capital market for next one year.

The market regulator barred Gammon India, its promoter Abhijit Rajan, as well as Rajan-promoted other two entities from accessing the capital market for a year for routing the company’s funds to subscribe to its Rs 19 crore rights issue in 2001.

Interestingly, along with these four, the Sebi also banned Reliance Silicon India, which was the complainant against Gammon for irregularities, from tapping the markets for one year.

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