The Securities and Exchange Board of India Oct. 4 barred Pentamedia Graphics Ltd., from issuing any new shares or dealing in securities, considered a punishment for issuing fake shares reports India-West (www.indiawest.com).
According to the SEBI, Pentamedia had issued a duplicate set of its own shares pledged with one bank and used the shares to borrow money from another lender, through an associate.
Chennai, India-based Pentamedia Graphics, Ltd., formerly known as Pentafour Software and Exports, Ltd., was the first publicly traded Indian software company. Pentamedia was to acquire a 60% stake in Film Roman through the purchase of newly issued Film Roman common stock. The deal was cancelle din May 2001 when Pentamedia did not make payment for the animation studio by the agreed upon date. Film Roman was later bought by IDT in 2003.