Thousand of Investors Misled By Dr Rajendra Vinayak Kamat

Markets watchdog Sebi imposed a total penalty of Rs 8 lakh on Aanjaneya Lifecares five senior officials for not complying with model code of conduct under prevention of insider trading regulation.

It has slapped a fine of Rs 5 lakh on Prof Dr Kannan Vishwanatth & Dr Rajendra Vinayak Kamat, Vice Chairman and Managing Director of Aanjaneya Lifecare (now known as Dr Datsons Labs Ltd) for trading in the company shares without obtaining pre-clearance from the firm as required, Sebi said in an order.

Besides, he executed "opposite transactions within 6 months of the earlier transaction". By indulging in such activities, he violated model code of conduct for prevention of insider trading, it added.

Further, a penalty of Rs 3 lakh has been imposed on board of directors --Vishwanath, Shashikant Babanrao Shinde, Prabhat Kumar Goyal, Paul Chakkapah Naythatil -- and compliance officer Yogesh Patel for failing to implement the code of conduct and monitor the trades for prevention of insider trading, as per the order.

"For orderly conduct of securities market, it is of utmost importance that the key managerial personnel including the board of directors and compliance officer shall adhere to the statutory code on insider trading," Sebi said.

Under the norms, all directors and officers of the firm who intend to deal in the securities of a company are required to pre-clear the transaction.

Fraud Committed By Dr Rajendra Kamat:

In 2011 / 2012 it was decided by him to buy Apex Drugs, Hyderabad based unlisted company for DDL for an amount of Rs 250 Cr by taking loans from Banks and as approved by Dr Rajendra Kamat. He paid an amount Rs 80 Cr by cheque as advance to Apex Drugs and further gave them Rs 50 Cr worth of DDL shares. Later it was stated that that deal was cancelled as banks backed out. Till date there were no efforts made by him to retrieve this amount from Apex Drugs, may be because of his personal interest. My request is that Rs 130 Cr with interest be retrieved from Apex Drugs and credited in the a/c of DDL.