Sebi penalises 8 entities for IPO document disclosure lapses
Markets regulator Sebi has penalised Rushil Decor, Corporate Strategic Allianz and six others for disclosure lapses in their IPO documents. Sebi has imposed a total penalty of Rs 7 lakh on Rushil Decor and signatories of the IPO prospectus -- Vipul Vora, Ghanshyam Ambalal Thakkar, Krupesh Ghanshyambhai Thakkar, Harshadbhai Navnitlal Doshi, Shankar Prasad Bhagat and Hasmukh Kanubhai Modi.
These entities raised unsecured loans of Rs 5.94 crore after filing draft papers for Rushil Decor's Rs 40 crore IPO but before the allotment of securities. These loans were taken just before the IPO and repaid immediately after the public issue.