In fresh troubles for crisis-hit Bhushan Steel, four members of its promoter family, including chairman as well as managing director, figure among 260 entities barred by Sebi for suspected money laundering and tax evasion activities through stock markets.
Those barred by Sebi include the company chairman Brij Bhushan Singal, his son and manging director Neeraj Singal, as also their respective spouses Uma Singal and Ritu Singal.
All four of them were allotted shares on preferential basis by Radford Global and First Financial — the two firms at the centre of a massive Sebi crackdown on misuse of this route of share allotment to launder money and avoid taxes.
While further probe is continuing by Sebi along with other agencies such as the Income Tax Department, the Enforcement Directorate and the Financial Intelligence Unit, all the 260 entities, including four from the Singal family, have been barred from all kinds of dealings in securities markets till further directions through an interim order.
No reply was available to queries made to Bhushan Steel, which is already in the dock for ‘cash-for-loan’ scam. It is facing CBI probe in relation to alleged bribing of top officials at public sector banks pertaining to their huge loans amounting to over Rs 40,000 crore.
In its orders, Sebi last Friday said that the modus operandi of the barred entities typically involved stock market dealings aimed at evading long-term capital gains tax and showing the source of income as legitimate from stock markets.
Those barred by Sebi include the company chairman Brij Bhushan Singal, his son and manging director Neeraj Singal, as also their respective spouses Uma Singal and Ritu Singal.
All four of them were allotted shares on preferential basis by Radford Global and First Financial — the two firms at the centre of a massive Sebi crackdown on misuse of this route of share allotment to launder money and avoid taxes.
While further probe is continuing by Sebi along with other agencies such as the Income Tax Department, the Enforcement Directorate and the Financial Intelligence Unit, all the 260 entities, including four from the Singal family, have been barred from all kinds of dealings in securities markets till further directions through an interim order.
No reply was available to queries made to Bhushan Steel, which is already in the dock for ‘cash-for-loan’ scam. It is facing CBI probe in relation to alleged bribing of top officials at public sector banks pertaining to their huge loans amounting to over Rs 40,000 crore.
In its orders, Sebi last Friday said that the modus operandi of the barred entities typically involved stock market dealings aimed at evading long-term capital gains tax and showing the source of income as legitimate from stock markets.
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