SEBI revoked its interim order barring a former independent director of PG Electroplast from the market. This was in connection with a probe into alleged IPO-related irregularities at the firm.
SEBI said it had revoked its earlier order against Subhash Chandra Gupta, as he was an independent director for a short period of time, was never involved in day-to--day affairs of the company, had resigned from the position and already undergone eight-month debarment.
The order was passed after a SEBI investigation revealed that a major portion of the IPO proceeds was diverted by the frim for operations in equity market and “questionable land deals and raw material purchases leading to suspicion that the issue was for siphoning off and/or diversion of funds.”