Latest news with #IPOs
Indian Express
a day ago
- Business
- Indian Express
Gujarat: ED opposes bail of Bahubali Shah in ‘money laundering' case
The Enforcement Directorate (ED) has opposed a plea seeking regular bail, filed by director of Lok Prakashan Ltd, Bahubali Shah, who was arrested in connection with a case of alleged money laundering. The agency, in its submissions filed on May 31 before the Principal District and Sessions Judge, Ahmedabad (Rural), claimed that evidence showed Bahubali 'possessed the proceeds of crime by acquiring IPO (initial Public Offering) shares of NTPC and TCS which were reserved for retail category,' through corporate entities. The ED said that it had come across the evidence while investigating a 2016 complaint filed by the Securities and Exchange Board of India (SEBI) against two corporate entities and their directors and that entities were under investigation. In the complaint by SEBI, M/s Excell Multitech Ltd, M/s Zenet Software Ltd and their directors had been named as accused in cases of alleged 'irregularities' detected in the IPOs. On May 15, the ED raided the offices of Lok Prakashan Ltd -run Gujarat Samachar newspaper in Ahmedabad and arrested Bahubali. He complained of uneasiness and was first moved to V S Hospital and then, on the request of his family, to Zydus Hospital where he was admitted to the ICU. He was granted interim bail by a local court for treatment, on May 16. Bahubali then moved a the regular bail application, which came up for hearing on May 31. The ED submission, accessed by The Indian Express, stated that the aforementioned corporate entities had provided finances to M/s Sugandh Estates and Investments Pvt Ltd (SEIPL), which in turn, opened a large number of fictitious accounts and fraudulently cornered the IPO shares of TCS and NTPC that were meant for retail investors. On the basis of the SEBI complaint, the ED then registered an Enforcement Case Information Report (ECIR) on August 16, 2023 to investigate into the aspect of 'money laundering'. Subsequently, the agency issued summons to the directors of the said corporate entities. In her statement to the ED on November 28, 2023, accused Saryuben H Vora, director of both companies, had shared details of the sources of income of both the firms which had 'cornered the shares of TCS and NTPC'. 'M/s Lok Prakashan Ltd gave Rs15 crore to M/s Zenet Software Ltd and Rs5.86 crore to M/s Excell Multitech Ltd. Further, the court submission further stated that Shreyansbhai S Shah gave Rs3.3 crore to M/s Zenet Software Ltd and Shreyansbhai S Shah HUF gave Rs2.86 crore to M/s Excell Multitech Ltd,' stated the submission by ED. The ED also said that 'the ledger books of the accused corporate entities allegedly revealed that Lok Prakashan Ltd received 6,46,922 shares of NTPC and 13,780 shares of TCS, while Rs10.94 crore were refunded to it by M/s Zenet Software Ltd and Rs4.74 crore were refunded to it by M/s Excell Multitech Ltd via Demand Drafts. Shreyansbhai S Shah (Managing Editor of Gujarat Samachar) received 85,600 shares of NTPC and Rs2.769 crore were refunded to him by M/s Zenet Software Ltd. Further, Shreyansbhai S Shah HUF received Nil shares and Rs2.86 crore were refunded to it by M/s Excell Multitech Ltd.' The ED submission further stated that it sent four summons to Bahubali, the then Managing Director of M/s Lok Prakashan Ltd, between December 27, 2023 and February 21, 2024. Bahubali appeared before the ED on February 28, 2024, and allegedly submitted that Dhiren Vora, associated with the accused companies, and son of Saryuben had approached him and said he would receive financial benefits if he provided funds to him. The ED said that when further documents were sought from Bahubali and summons issued, he allegedly neither submitted the documents, nor appeared before the agency. The ED further sent three summons to Bahubali on March 2, 14 and 28 last year but he allegedly neither appeared nor submitted the documents, 'thereby not cooperating with the PMLA investigation'. After a search was conducted at the premises of Bahubali in Ahmedabad's Satellite area on May 15, this year, his statements were taken wherein he allegedly undertook to submit the sought for documents within the two weeks, the ED said. It further said: '…there are reasons to believe based on material in possession, that Bahubali S Shah is actively involved in acquisition, possession, concealment, and use of proceeds of crime obtained and derived as a result of criminal activity relating to scheduled offences (by acquiring IPO shares of NTPC and TCS which were reserved for retail category) and he is guilty of the offence of money laundering under section 3 of PMLA, and punishable under section 4 of PMLA; hence he was arrested under section 19 of PMLA. The analysis of the material gathered and statements of various persons recorded under section 50 of PMLA clearly points out that Bahubali Shah is guilty of the offence of money laundering. Disclosures made by Bahubali Shah under PMLA, warrant his custodial interrogation.' The ED's submission also stated, 'Further, Bahubali Shah is the son of the founding editor of Gujarat Samachar and a highly influential person having family business running across various sectors including construction, chemical industry, fishing, trade and financial services. Therefore it is possible that Bahubali Shah may influence the witnesses/ other co-accused.' Advocate Devang Vyas, appearing for Bahubali had told The Indian Express that they had sought time to file a reply and the matter had been adjourned till June 10, 2025.
Mint
2 days ago
- Business
- Mint
Ather Energy share price falls over 2% as one-month IPO lock-in period expires today
Ather Energy share price fell over 2% on Monday as the one-month lock-in period of pre-IPO investors expired today. Ather Energy shares declined as much as 2.18% to ₹ 306.00 apiece on the BSE. Ather Energy shares were listed on the Indian stock exchanges - BSE and NSE - on 6 May 2025, after the conclusion of its initial public offering (IPO). As per SEBI regulations, there is a mandatory lock-in period on all shares allocated to anchor investors in IPOs. Specifically, 50% of the allocated shares to anchor investors are subject to a lock-in period of 30 days from the date of allotment, while the remaining 50% are locked in for a period of 90 days. The one-month anchor investors lock-in period for Ather Energy expires today, 2 June 2025. The Hero MotoCorp-backed electric two-wheeler maker had raised ₹ 1,340 crore from anchor investors by allocating 4.17 crore equity shares to 36 funds at ₹ 321 apiece, the upper end of the IPO price band. Thus, as the 30-day IPO lock-in period expires today, around 2.1 crore Ather Energy shares will be available for trading in the stock market, which accounts for 6% of total outstanding shares. This will be followed by another 2.1 crore Ather Energy shares getting unfreeze on July 31. Ather Energy shares made a lukewarm debut in the Indian stock market on May 6, as the EV stock was listed at just a 2% premium over its issue price. Ather Energy share price was listed at ₹ 328 on the NSE, a premium of 2.18% to the IPO price of ₹ 321 per share. On the BSE, Ather Energy shares debuted with a 1.57% premium at ₹ 326.05. Ather Energy share price is trading lower than its issue price as well as its listing price. The stock hit a record high of ₹ 342.95 apiece 21 May 2025, and a low of ₹ 287.30 apiece on 07 May 2025. The EV stock is down 4.7% from its IPO price, and 6.14% lower from its listing price on the BSE. At 10:35 AM, Ather Energy shares were trading flat at ₹ 314.00 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Bloomberg
4 days ago
- Business
- Bloomberg
Chinese Listing Spree Sparks Revival Hopes in Hong Kong Stocks
A wave of listings by Chinese companies is expected to reinvigorate trading activity in Hong Kong, with optimism growing that a robust pipeline of debuts will drive the broader stock market higher. First-time share sales in Hong Kong have raised HK$77 billion ($9.9 billion) this year through May, the most for the period since 2021, buoyed by a blockbuster offering by battery giant Contemporary Amperex Technology Co.
Bloomberg
27-05-2025
- Business
- Bloomberg
NYSE President: ‘No Substitute' for US Capital Markets
New York Stock Exchange President Lynn Martin discusses the 'unprecedented' levels of volume following 'Liberation Day' and her optimism for IPOs as she sees the pipeline 'just shifted out' to the second half of the year. (Source: Bloomberg)
Time of India
16-05-2025
- Business
- Time of India
Sr citizen duped of 1.1 cr after ‘stock mkt classes'
Kolkata: A 71-year-old resident of a condo in Ultadanga fell victim to an international cyber fraud scheme , losing Rs 1.1 crore through a fake trading platform that cops suspect was being operated from Southeast Asia. The 1.5-month-long fraud began with the accused arranging "classes" for the victims to accustom themselves to share trading. They were asked to download apps and use designated websites to trade. The victim, a resident of Bidhannagar Road, filed a complaint stating that he was defrauded between March 11 and April 29 through a mobile application and its associated trading group. "The victims were asked to sign up, and regular tutorials were held before 'actual trading in stocks' began. The victim, in this case, was given returns in two instalments of Rs 1,500 and Rs 26 lakh, credited to his trading account. Cops said it is unclear if the returns could actually be credited beyond what was being projected virtually. The initial probe revealed that this app and the website used to trap the victims were developed in one of the Southeast Asian countries. However, Indian SIM numbers were used to run WhatsApp groups and carry on chats with the victims," said an officer. The primary suspect, who identified herself as Priya Sharma, allegedly contacted the complainant through multiple mobile numbers. " The fraudsters created a facade of legitimacy by establishing a WhatsApp group with 135-140 members. They even processed small initial withdrawals each day to gain the victim's trust, besides allowing two withdrawals," said an officer. The perpetrators then charged the complainant for larger withdrawals, including a 5% "account usage charge" and a "refundable" account verification charge of Rs 10,00,000. The scammers allegedly operated under the leadership of Bharat Shah, who posed as the group's director and regularly provided stock recommendations, including tips about IPOs and SPOs. The case has been registered under multiple sections of Bharatiya Nyaya Sanhita (BNS), 2023, including section 61(2) for criminal conspiracy, along with sections pertaining to cheating by impersonation, criminal breach of trust, and forgery. The divisional cyber cell, with help from the DD cyber cell, has launched a probe and is working to trace the money trail.
