Sebi disposes of proceedings against BPSL in GDR manipulation case

New Delhi: Sebi on Tuesday decided to dispose of proceedings against Birla Power Solutions Ltd (BPSL) since it is under liquidation but said the company will face debarment for securities law violations in case the court order on liquidation is reversed.

The case pertains to fraudulent activities with respect to issuance of GDRs (Global Depository Receipts) twice in 2010.

In a 60-page order, the watchdog said it was dropping proceedings against Yashovardhan Birla, saying there was no evidence to ascertain that he was involved in the GDR issuance.

However, certain directions have been passed against four individuals — PVR Murthy, Rajesh V Shah, Upkar Singh Kohli and N Nagesh.