New yr bonaza for IPO scam hit investors

if you had applied in 21 IPOs That opened between 2003 and 2005, and were not allotted even a single share, you could be in line for some windfall gains. A sebi committee that was set up to suggest ways to compensate these investors who were affected by the IPO scam which was first detected in dec 2005, said that money recovered from the scamsters should be distributed among the affected IPO applicants.
the committee, headed by retired supreme court judge D P Wadhwa, also suggested ways to recover the gains from scamsters and distribute the same among those affected by the scam. the report said that the scamsters gained rs95.7cr by rigging the IPOs. as on oct 31, 2007, the value of frozen shares of these scamsters in the depositories worked out to Rs 147.85 cr and the balance in their bank accounts frozen by CBi was at rs 1.2 cr.