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Tayals
barred from markets
Our
Markets Bureau
10 July 2003
Mumbai:
P K Tayal and two other directors of KSIL, an investment
company, have been banned from accessing the capital market
for two years by the Securities and Exchange Board of
India (SEBI). Tayal is also the chairman of Bank of Rajasthan.
SEBI
says KSIL and its promoter directors (P K Tayal, N K Tayal
and S K Tayal) have been prohibited from dealing in securities
for a period of two years. They have also been directed
to disassociate from the capital market for the same period.
SEBI
had launched an investigation after complaints that KSIL
and the Tayals had arranged finances to subscribe to the
public issue of Pashupati Cables Ltd (PCL) to the extent
of 60 lakh shares aggregating Rs 30 crore or around 80
per cent of the net public offer.
 There
were allegations of KSIL acting in concert with PCL and
Empey Finance and Investment Pvt Ltd to bail out the issue
and to get the shares of PCL listed on the Bombay Stock
Exchange without any actual inflow of funds.
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