Zenith Steel Pipes and Industries Limited (earlier Zenith Birla India Limited)
Penalties and directions recorded
- WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year
- AO imposed monetary penalty on Company and directors
- WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year each
- AO imposed Rs 10 crore on Company and Rs 10 lakh each on Chairman and Managing Director
- Company restrained from accessing securities market for 3 years per WTM order
SAT-appeal
- Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading closure announcement and non-disclosure of loan/pledge.WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year · WTM warned Euram Bank to ensure future dealings strictly in accordance with lawAppeal: Appeal Nos. 554, 555, 657 of 2021 and 373, 633, 634, 635 of 2022 with Misc. Application 929 of 2022, reserved 03.01.2023, decided 21.02.2023
- Fraudulent GDR issue of USD 22.99 mn subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading successful-issue announcement and non-disclosure of loan/pledge and single subscriber.WTM restrained Company from securities market for 3 years and Chairman and Managing Director for 1 year each · WTM warned Euram Bank to ensure future dealings strictly in accordance with lawAppeal: Appeal Nos. 554/2021, 555/2021, 657/2021, 373/2022, 633/2022, 634/2022, 635/2022 with Misc. Application 929/2022, reserved 03.01.2023, decided 21.02.2023
- Fraudulent GDR issue of USD 22.99 million subscribed solely by Vintage FZE via Euram Bank loan secured by pledge of GDR proceeds, with misleading successful-issue disclosure.Company restrained from accessing securities market for 3 years per WTM order · Chairman and Managing Director restrained from securities market for 1 year per WTM order
Source: SecMarx — Zenith Steel Pipes and Industries Limited (earlier Zenith Birla India Limited). AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (charges, outcomes, appeal chain) is cited to us.