SEBI bars Stocknet International from trading in markets
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Last Updated: Wednesday, July 29, 2009, 23:25
Mumbai: Market regulator Sebi has barred software development firm Stocknet International and its directors-- Ashutosh Bajpaye and Saumil Patel--from dealing in securities market for six months for allegedly making misleading announcements.

"SEBI...restraining Stocknet International, Saumil Patel and Ashutosh Bajpaye from accessing the securities market and also prohibiting them from buying, selling and otherwise dealing in the securities market, either directly or indirectly, for a period of six months," the market regulator said in a statement.

The company allegedly made false announcements on July 5,2001 that it has entered into a strategic tie up with US-based Artiligence Inc and that the joint venture between the two would enable them to work better in fields of optical networking, software development.

Besides, it has allegedly made false statement of interim dividend declaration of 20 per cent on July 19, 2001 and withdraw the same on September 7, 2001.

Subsequent to the said announcement, it was noticed that there was an increase in the traded volumes and share price of the company at Bombay Stock Exchange.

"From the foregoing, it would lead to the interference that the company had indulged in the act (making misleading announcements/statements)...which would attract the investors into investing in the shares of the company," SEBI said.

Bureau Report

First Published: Wednesday, July 29, 2009, 23:25

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