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Our Bureau

Mumbai , Dec. 6

SEBI has restrained PCS Industries Ltd (now known as PCS Technologies Ltd) from acting as an intermediary in any capacity for a period of six months. The company is alleged to have caused irregularities in the public issue of Mazda Fabrics and Processors Ltd.

Investigations revealed that PCS Industries, the registrar to the issue, had handed over all the records to the issuer company immediately after the issue without maintaining it for the mandatory three-year period.

It is also alleged to have assisted the promoters of the company in fulfilling the subscription level by not scrutinising the genuineness of the application received.

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