A non-bailable warrant was issued against the top management of M/s Videocon International by the Esplanade court recently.
Amongst those who are named in the warrant dated March 23, are the companys MD Venugopal Dhoot and two directors S M Hegde and S K Sheligkar.
However Dhoot clarified that on Tuesday, they got the warrant cancelled from the court. Our lawyer did not inform us that we had to be present in the court, said Dhoot.
The warrant was issued by the 47th Esplanade court by Magistrate V Sharma, when neither accused nor the defence lawyer were present in the courtroom. This provoked the magistrate to take the action.
SEBI filed the case against the company and its directors in 2003 under various sections of the SEBI Act 1992.
SEBI investigations revealed there was some unusual price movement in certain scrips of the company in 1998, and a subsequent inquiry into the case revealed that the company allegedly violated the Prohibition of Unfair Trade Practices and a prosecution case was filed accordingly.
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