Bizbits

The company entered the primary market with a safety net scheme in which Viniyoga International Ltd, an associate concern, offered to buy back shares from all original allottees, fully paid up equity shares including premium at Rs 15 per share, Sebi said. On the basis of several complaints received from the investors regarding the failure of NEL to fulfil the terms of the safety net scheme as contained in the prospectus, Sebi issued a showcause notice to NEL seeking an explanation as to why it should not be debarred from accessing capital market. NEL not only failed to submit a satisfactory response to the same but did not also avail of the opportunity to appear before the Sebi board, despite severalnotices.

APIT liquidator

MUMBAI: The RBI has managed to get a provisional liquidator to take charge of all assets and properties of Hyderabad-based Asia Pacific Investment Trust. Following a petition from the RBI, AP High Court on September 7, passed an order for appointment of official liquidator as provisional liquidator to take charge of the assets of the company. Further hearing on the matter will be taken up on October 25, 1998. APIT, a non-banking finance company, was prohibited by RBI from accepting deposits on July 9, `97. This followed inspection of the company’s books after the central bank received numerous complaints.