New Delhi : Markets regulator Sebi today confirmed its interim order banning 11 entities in a case related to tax evasion and money laundering through stock exchange platform.
The Securities and Exchange Board of India (Sebi), via an interim order dated June 1, this year had prohibited 76 entities, including the aforesaid 11, from the securities market for suspected money laundering and tax evasion activities. Sebi, prima facie, had found that a number of entities connected to Dhyana Finstock employed a device wherein the company in nexus with the preferential allottees made a facade of preferential allotment.
After the expiry of the lock-in period, the Dhyana Group purchased shares from preferential allottees at artificially increased prices.
In the whole process, entities of the Dhyana Group provided a hugely profitable exit to the preferential allottees in order to book illegitimate gains with no payment of taxes as LTCG (Long Term Capital Gains) is tax exempt.
