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This is an archive article published on September 4, 2004

Sebi gets tough with Pallonji group

Just a day after reclusive Chairman of Shapoorji Pallonji group, Pallonji Mistry was appointed as Chairman Emeritus by Forbes Gokak Sharehol...

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Just a day after reclusive Chairman of Shapoorji Pallonji group, Pallonji Mistry was appointed as Chairman Emeritus by Forbes Gokak Shareholders, market regulator Securities and Exchange Board of India (Sebi) has ordered adjudication proceedings against three Pallonji Mistry entities.

The proceedings have been initiated group flagship firm, Shapoorji Pallonji and Company Ltd, Sterling Investment Corporation Ltd and Cyrus Investments Ltd — for delay in complying with the Sebi’s takeover norms, while acquiring shares and control in FAL Industries Ltd — an associate company of Forbes Gokak as per the company’s balance sheet for 2003-04.

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