Mumbai, Oct 28 (IANS) Yashovardhan Birla, Chairman of Yash Birla Group has been barred from the securities market by SEBI twice in just a month’s time. A top executive of the Yash Birla group of companies was detained from a five-star hotel in South Mumbai by officials of the Narcotics Control Bureau (NCB) for alleged drug possession late on Friday night. birla Blogs, Comments and Archive News on Economictimes.com Yashovardhan Birla, Chairman of the Yash Birla Group, has been suspended from the stock market by SEBI, twice in just a month. Sebi also banned several others associated with Yash for their roles in the same matter. Mira Rajput on embracing parenthood with Shahid Kapoor: Your partner's support is very important in every step. Travel before March 21 & save 20% on your next booking. “In case of Birla Power, the money is utilised to the extent of Rs 75 crore,’’ Yash Birla Group said in a statement, saying PanAsia managed its issues. Under the management of his four sons, J.K. Birla, R.D. Great Republic Day sale is now live! On the listing day, the stock had closed 154% up over its IPO price despite the company having a rating that indicated “below average fundamentals”. Government has a Diwali gift borrowers who payed timely EMIs MUMBAI: Yash Birla group employee Anant Vardhan Pathak (31) was found snorting cocaine when income tax officials entered his hotel room at 7am on Friday, sources said. 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Sanjay leela bhansali being so … Read Exclusive COVID-19 Coronavirus News updates, & Health Tips from India and World at Asianet Newsable. Also read: Yash Birla Banned From The Securities Market, Twice "In order to avoid any kind of mis-information/ lag between sending the information by broker/merchant banker and receipt of information by investors, the seller/ broker may direct the investors/clients to the publicly available sources," SEBI said. birla Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. The investigation by Sebi also found that despite the company’s promise to set up spa centres across the country, none have come up so far. A Bloomberg report said that Birla and several companies promoted by him were being investigated by the Serious Fraud Investigation Office, the Enforcement Directorate, the Economic Offences Wing of the Mumbai Police, the income tax department and the Securities and Exchange Board of India. According to reports, an amount of over Rs 30 crore is untraceable. What has gone wrong in Liverpool's title defence? Ananya Birla launches her debut single Photogallery. In fact, the prospectus never contemplated that funds would be deployed as ICDs to group companies within five days from the receipt of IPO proceeds without any event of exigency," Sebi noted. Incredible, say fans. Stocks in the news: Lupin, DHFL, Mindtree, Wipro, Zee and Jet Airways Would Rajini myth have survived political foray? What stands out is that large GDR issuances from Yash Birla Group has investors like Figura, TrendSetter, Tradetec, Imagination, Flagstaff that figure in the Sebi list of alleged manipulators. Yash Birla has been banned from the securities markets for two months for mis-utilisation of initial public offering proceeds. 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The Company has many firsts to its credit. ‘Going bananas’: Men on Instagram show off new beard look inspired by monkey’s tail! The action is due to misutilisation of funds collected through the initial public offering (IPO) of Birla Pacific Medspa in mid-2011, including using the proceeds from the offer to manipulate the stock price. Save up to ₹30,690*. Sebi also banned several others associated with Yash for their roles in the same matter. “On the contrary, around 50% of the IPO proceeds were deployed as ICDs (inter-corporate deposits) to group companies, out of which 60% of ICDs were never returned to the company,” the order pointed out.Along with Yash, 10 other entities have been banned from the market for two years, while another one has been banned for six months. 2021 budget needs to catch up, 2021 Tata Altroz iTurbo review: Well balanced, but something missing, Leaving Camera On During Video Calls, Streaming Videos in HD Increases Your Carbon Footprint, Study Finds, Italy police recover stolen painting of Leonardo da Vinci school, museum unaware of theft, 'Asked me to feel his private part': After Jiah Khan's sister, Sherlyn Chopra accuses Sajid Khan of sexual misconduct, Okuhle Cele, Ryan Rickelton, Jacques Snyman get maiden South Africa call-ups, Vivo Y31 With Triple Rear Cameras, Snapdragon 662 SoC Launched in India, Priced at Rs 16,490, The best way to lose those kilos? 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