SEBI Bars Two Individuals From Markets Over Dhenu Buildcon Loan Scheme

MT Newswires Live11:52

India's markets watchdog restricted two people associated with Dhenu Buildcon Infra (BOM:501945) from participating in the securities market, alleging they used a circular fund-flow arrangement to create the appearance of loans and boost the company's valuation, according to a Wednesday order.

SEBI said 250 million rupees was routed repeatedly among bank accounts linked to entities controlled by the individuals, creating the impression of 10 billion rupees in lending.

Of that amount, 8.40 billion rupees was subsequently converted into equity through a preferential issue.

Dhenu Buildcon was also prohibited from carrying out corporate actions such as bonus or rights issues and dividend payments.

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