Tayals barred from markets

By Our Markets Bureau | 10 Jul 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.