Bliss GVS Pharma Ltd promoters under SEBI lens for insider-trading

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Adverse Media, Fraud, SEBI Banned

SEBI is investigating entities linked to promoter group of Bliss GVS Pharma Ltd for alleged inside-trading in the share price. The regulator has also recorded statements of top management officials in the case, sources in the know told BusinessLine.

SEBI investigations pertain to trading in the shares of Bliss GVS Pharma Ltd by entities linked to promoter group involving Gautam Ashra family, SN Kamath and a top company official Vipul Thakkar, the sources said. Statement of Thakkar has been recorded by SEBI, they added.Responding to an email query from BusinessLine, Thakkar, currently CFO of GVS Bliss, said, “No show-cause notice has been received from SEBI till date.

SEBI examined certain transactions. It entitled to examine the interest of investors under securities law. Bliss GVS Pharma Ltd or its officials committed to fully cooperate.It assisted SEBI in whatever queries the authorities have.

The case pertains to trading in the share price of Bliss GVS Pharma Ltd  during 2015 when a Kenya-based company linked to the Indian company received an order. SEBI learned the company in Kenya is a subsidiary of Bliss GVS Pharma .  Its listed in India. It traded  allegedly done by promoters around the announcement of the receipt of a mega crore order.

Later, the Kenya government revealed that the insurance-sector linked orders involving their country’s Teachers Service Commission given to the Kenya firm were fake. The share price of Bliss GVS, which was trading at around ₹63 on December 1, 2014 rose to around ₹200 by July 1, 2015.

Final Words

The sources say that SEBI has calculated gains worth in the range of ₹90-100 crore. It  allegedly made by the entities linked to the promoter group. Kabh Forex and Kanji Pitambar probed alleged role in dealing in shares of GVS Bliss.  the source said.

Securities Exchange Board of India(SEBI) noticed GVS Bliss Pharma associated with the Kenya company. The regulator has also made a request to Kenya. They shared the details of the firm in their country linked to the listed Indian company. The regulator is also looking in dealing in the share market  price of Bliss GVS Pharma Ltd during 2019.