Securities and Exchange Board of India (SEBI) has barred Transgene Biotek and its directors from securities market in a case related to fund diversion through global depository receipts by the firm. Besides, Transgene will continue the measures to recall outstanding amount of $38.5 million and bring the money back into its bank account in India within a period of one year from the date of this order.
The regulator further directed the firm to continue to be restrained from the markets till the compliance of the direction and thereafter for an additional period of two years from the date of bringing back the money.
Transgene Biotek (TBL) is engaged in manufacturing drugs.
