Sebi allows First Financial to liquidate shares
With regard to the First Financial case, the debarred entities include this company itself, its seven promoters and directors, 80 ‘preferential allottees’, 57 First Financial Group entities, as also seven others suspected to be related entities.
Sebi has allowed First Financial, which has been barred from the capital market for suspected money laundering activities, to liquidate shares worth over Rs 6.13 crore lying in its demat account.
The watchdog, in December last year, had barred 152 entities related to First Financial for suspected tax evasion and laundering of black money through stock trading platforms. In a 31-page order on Monday, Sebi said First Financial can liquidate shares lying in its demat account.
The shares owned or purchased by First Financial which are stated to be lying with the broker may be credited to their demat account and then liquidated, it added.
“The sale proceeds shall be kept in separate escrow account with the stock exchanges and the amount lying therein shall not be utilised till investigation is complete in the matter,” the order said.
With regard to the First Financial case, the debarred entities include this company itself, its seven promoters and directors, 80 ‘preferential allottees’, 57 First Financial Group entities, as also seven others suspected to be related entities.
