Winsome Textile Industries, India fined by Sebi

15 December 2021, Mumbai:

Markets regulator Sebi on Wednesday slapped a fine of over Rs 72 crore on Winsome Textile Industries Ltd, its directors, and two other individuals in a matter pertaining to the issuance of global depository receipts (GDR) by the firm.

The directors facing the fine are Ashish Bagrodia, Manish Bagrodia, and Satish Girotra. Winsome issued 1.29 million GDRs amounting to USD 9.99 million on March 31, 2011, and Pan Asia Advisors Ltd was the lead manager of the issue. Arun Panchariya was the managing director of Pan Asia Advisors.

Investigation revealed that Vintage FZE was the sole subscriber of the GDR issue. Mukesh Chauradiya was Vintage's managing director and Panchariya was its 100 percent beneficiary.

ET (The news article has not been edited by DFU Publications staff)

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