SEBI ban on Yogi Pharmacy

MUMBAI, Dec 4: The Securities and Exchange Board of India has barred Yogi Pharmacy Ltd and its directors from accessing the capital market for a period of five years with effect from December 1, 1998 for violating the guidelines for promoters quota of shares.

Sebi investigations revealed that Yogi Pharmacy’s shares, issued under the promoter’s quota and subject to a lock-in of five years, were pledged with a company which was not a bank or financial institution.

Yogi Pharmacy came out with a public issue of 39,30,000 shares of Rs 10 each at par in September 1997. After considering the submissions made by the company during personal hearing and documents on record, Sebi has debarred the company and its directors, Avinash Magan, Atul Magan, K K Dawan, from accessing the capital market.