Traderji I Lost Money In Kolar Biotech

#3
This company is closed...it was afraud company...promotor run out...

see the undercoverd program on cnbc it has given details...
 

Traderji

Super Moderator
#4
heda_p said:
This company is closed...it was afraud company...promotor run out...

see the undercoverd program on cnbc it has given details...
Penny stocks have always been considered speculative and easily manipulated.

By influencing investors with misleading data on a company, fraudulent brokers or companies can hype up the price of a stock, then sell their own shares once the price reaches a certain level. This scam, known as "pump and dump," is practically as old as the stock market.

Since the earliest days of the stock markets, promoters, phony research groups and unscrupulous brokerage firms lured novice investors into believing a given penny stock was the next Infosys.

Often, they do not actually explain why a company is so successful or what it actually does; they distract readers with fancy financial charts and details of their successful track record.

They then try to suck you in with these huge returns, but there's no accountability as to what's behind them. Big increase in trading volume or sudden changes in a stock's price, especially when limited financial data on the company is available, may indicate that some sort of fraud or manipulation is taking place.

I personally believe that only investors who are able to do the necessary research on a company -- and who are prepared to lose 100 percent of their investment -- should get involved with penny stocks!
 
#6
Surprising you invested such a big amount in this stock and did not check whats going on...just google and check. Here is an article from 2004 about the fraud in this company from SEBI.

Order against promoters of M/s. Kolar Biotech Ltd. and others

The Securities and Exchange Board of India (SEBI) had received complaints from various entities regarding massive fraud alleged to have been committed by the company namely M/s. Kolar Biotech Ltd. The preliminary investigations reveal that M/s. Kolar Biotech Ltd. has indulged in dissemination of misleading information leading to price manipulation and defrauding of investors. The Stock Exchange, Mumbai (BSE) has submitted a brief investigation report on the said company and its other group companies.

In the light of various irregularities, SEBI has decided to undertake a full fledged investigation in the case of M/s. Kolar Biotech Ltd. and its group companies namely M/s. Soundcraft Industries Ltd. and M/s. Adam Comsof Ltd. In order to prevent further manipulation, SEBI has passed an Order u/s 11 and 11B of the SEBI Act, 1992, dated September 30, 2004 against promoters, directors, major shareholders of these companies and major sellers in the said scrips during the period of investigation directing them not to buy, sell or deal in any other manner the shares of M/s. Kolar Biotech Ltd., M/s. Soundcraft Industries Ltd. and M/s. Adam Comsof Ltd. till the investigations are completed.


Mumbai

October 01, 2004
 

magnet

Active Member
#9
:confused:Just to remind everyone, where one should not invest,esp when the market is getting heated up & get carried away:D
For that the company should exit..its like busted and buried and now u saying i want to analyze the remaining bones for checking whether it was sick.....

i mean u cant compare the timing now.....now tomm ull see some dotcom bust share down history lane topic up.......

Anyways i wanted to ask does t group shares are damn risky?
becoz i invested in some b group which were later moved to t group..and i m clearing my positions in it..since people says t group shares are the one which has the highest doubt of manipulation..for e.g suven life science all were gaga over it few days bak as it jumped from 30 to 36...now i saw today its 27 and is in t group...which also means have 5% circuit stuff if i m correct

ALso which sector u ppl consider risky..i bet it to b reality as they have eaten all their money for new product to pay their debt as wht i read today
 
#10
29th Dec 2010


(12th November 2004)

Respected sir,

I had purchased total 1,09,000 shares of Kolar Biotech. Ltd. on 09th August2004 at the rate of Rs. 1.61 /- per share and thus invested Rs.1,75,000 /-. I had bought the shares after seeing a KBLs announcement regarding a bonus and GDR issue in Economic Times, page no.3, dated 05th August2004. But the company had not followed the same. From 09th October2004 SEBI had suspended trading in the above companys shares.

I had tried to contact the company on phone, fax, email, postal address but no reply was got. Please try to find out the Directors and give me a justice.

COMPANY INFORMATION:

From the BSEs website I had got the following information regarding the company-----
Name Kolar Biotech Ltd.
Previous Name Kolar Information Technologies Ltd.
BSE code no. 532148
ICICI code no. KOLINF
Address Narayan Building,
23, Lakhamshi Napoo Road,
Dadar (East), Mumbai
PIN- 400 014
Website Kolarbiotech.com
Email kolarbiotech @ indiatimes.com
Contact no. 24151447, 24151450
FAX NO. 24131831, 24151470
Compliance Officer Mr.Noman Usmani
Director Mr.Haresh Teckchandani
Chairman and Director Mr.Vinod Hingorani
Managing Director Mr.Vikash Seth


The companys name was related to IT in good days in that particular field and after that they had linked it to Biotech in the boom of that field.

Also the Directors of the above company were related to Soundcraft Ind. Ltd. This was also suspended from trading in that period.

Previously the BSE site was showing the name of all the Directors and persons holding shares more than 1 % in the page shareholding pattern. But in mid-October 2004 the site had stopped opening that particular page.

What may be the reason behind that?
Whether the persons from BSE were involved in that?
After mid-October 2004 both the companies (KBL & SIL) directors list was not there on BSE site.
Public is purchasing the shares after seeing BSE & SEBIs website then what they are
Doing?
In the time of Mr.Harshad Mehtas case around 100 peoples were committed suicide; still SEBI is not taking any action against these types of peoples. When this will stop?

Kindly suggest me in the following queries ----

1. Whether I should register a complaint in Consumer Forum?
3. What SEBI can do for me? (I had already registered a complaint)
4. Who had given the advertisement in the Economic Times?


PERSONAL INFORMATION:

Name PRADEEP MAHADEO THORAT

Email [email protected]
[email protected]

Contact no. 9422449955
9923205028

This is for your kind attention and necessary actions.

Thanking you,

Yours truly




PRADEEP M THORAT
 

Similar threads

Broker Special Offers

Intraday Higher Leverage

Save up to 90% in brokerage and get higher leverage for intraday trades.

Name:Phone:
Email:City:
State:
Are you a day trader?