In its order, the regulator levied a fine of Rs 10 crore on Zenith Birla India Ltd (ZBIL), Rs 20 lakh each on PVR Murthy and Arun Panchariya, and Rs 10 lakh each on Yashovardhan Birla, , Zenith Steel Pipes & Industries, sebi
Holding seven entities, including Yash Birla, for providing security towards the loan taken by Vintage for subscribing to global depository receipts (GDR) of Zenith Steel Pipes & Industries Ltd (erstwhile Zenith Birla (India) Ltd) -ZBIL,
The Economic Offences Wing (EOW) of the Mumbai Police had strongly opposed it and told the court that he is likely to pressurise depositors if given the relief and also being an important person in the field of commerce, may pressurise them and delay the trial.