By Fnf Correspondent | PUBLISHED: 26, Mar 2025, 19:33 pm IST | UPDATED: 26, Mar 2025, 19:33 pm IST
The company specifically claimed orders from McCain India Agro Private, UPL Agro Private Limited, and Tata Agro & Consumer Products. SEBI confirmed that no such subsidiaries exist under McCain, UPL, or Tata Consumer Products Limited.
The market regulator reinforced its restrictions on BGDL, prohibiting the company from buying, selling, or dealing in the securities market. The company and its officials are also barred from associating with SEBI-registered intermediaries or listed companies.
The regulator found that BGDL’s management had replaced its leadership and approved a preferential allotment of shares to 41 selected investors. These actions were part of a larger scheme to manipulate stock prices. SEBI’s findings indicated that these preferential allottees profited by selling shares at artificially inflated prices, causing losses to retail investors.
Between November 1 and December 20, 2024, over 2 per cent of BGDL’s shares were offloaded at manipulated prices, significantly impacting investors. The number of public shareholders surged from 10,129 in September to nearly 45,000 by December, even though most of these shares were controlled by a small group of allottees.
SEBI had previously noted in a temporary order that allowing BGDL shares to continue trading would put retail investors at risk, as the company’s stock price had no connection to its actual business operations. In addition to confirming its restrictions, SEBI has now moved to impound unlawful gains made by certain individuals who received company shares through preferential allotments earlier this year.
by : Priti Prakash
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