Tuesday, January 12, 2016

Sebi closes case against two Taneja Aerospace officials

Sebi today disposed of proceedings against two officials of Taneja Aerospace and Aviation Ltd (TAAL) in a case pertaining to alleged fraudulent activities violating securities market regulations.

The watchdog had issued a show-cause notice to Salil Taneja and C S Kameswaran in 2013 for allegedly diverting funds from the company to another entity, TAAL Technologies Private Limited (TTPL). Both these firms had common promoters and directors.

Taneja and Kameswaran were the chairman and the managing director of TAAL, respectively, and were the only shareholders of TTPL during the relevant period.

Noting that the allegations of the fraudulent act have been levelled against the noticees "on the basis of prima facie possibilities", Sebi today said the suspected intention of the noticees has not been found to be suggesting that they have diverted or misappropriated the funds infused by TAAL into TTPL.
11/01/16 PTI/Business Standard
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