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The shares of M/s FCGL Industries Limited were listed on Bombay Stock Exchange and Calcutta Stock Exchange. The scrip of FCGL was traded only in BSE during the investigation period. SEBI conducted an investigation into the affairs relating to buying and selling and dealing in the shares of FCGL.
The market regulator had imposed a fine of Rs 2 crore on the promoters of the Kolkata-based company in November 2010, alleging that FCGL, a listed investment company in which they were board members, traded in the Gujarat NRE stock in September quarter of 2005, leading to substantial profits.
During the same quarter, two other companies where the Gujarat NRE Coke promoters AK Jagatramka and GL Jagatramka were directors, had bought 3.5 lakh shares of FCGL between them. It was charged that these two firms – Marley Foods and Matangi Traders & Investors – acted on information known to the Jagatramkas, but not disclosed to public.
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