Mumbai, December 31: Market regulator SEBI today settled the case against market players Jitendra Lalwani and Sheelu Lalwani for their alleged involvement in the IPO scam on payment of about Rs 15 crore.
“…the applicant (Jitendra Lalwani) without admitting or denying the charges has remitted a sum of Rs 9,62,40,761,” SEBI said in a statement.
The case was settled through a consent order by SEBI and the move assumes importance since a panel appointed by the market regulator had suggested that gains made by scamsters in the IPO scam be recovered and paid to those who could not get shares due to irregularities.
The IPO scam refers to cornering of shares by some fictitious account holders in 21 issues, including NTPC, Jet Airways and TCS that hit the market during 2003-05.
–Agencies