Aryaman charged of failure in due diligence

Rejecting the application of Aryaman Financial Services Ltd for registration as a debenture trustee, the market regulator Sebi has said the merchant banker has failed in exercising due diligence in public issue introduced by the company. “On scrutiny, it has been found that the applicant had an unsatisfactory track record as merchant banker. It has been observed that the merchant banker had failed in exercising due diligence in the issues lead managed by it, which are as under: Rich Paints Ltd, Eider-e-Commerce Ltd, Ashu Motors and General Finance Ltd, Gurukul Technologies Ltd, My Fellow Fashions (Exports) Ltd,” said Sebi chairman G.N. Bajpai in his order rejecting the company’s application.

After due process in each case, Sebi has issued warnings to the merchant banker for lack of due diligence in four cases (enquiry proceedings not over in Gurukul Technologies Ltd).