Aug. 29 :    Aug. 29:  The Securities and Exchange Board of India (Sebi) today issued an order barring jute baron Arun Bajoria and his associates from dealing in securities and accessing the capital markets for one year. The Sebi decision came in connection with Bajoria's acquisition of a 13 per cent stake in Bombay Dyeing last year, allegedly in violation of the takeover code. Responding to the order, Bajoria said: 'I will file a writ against the Sebi order. Even if for argument sake, I accept that the charges brought against me are correct, the penalty imposed on me is disproportionate. In such cases in the past, Sebi had imposed a nominal fine on the offenders.' He said he would prefer to file a writ than moving the Sebi appellate tribunal because he doubted the credibility and impartiality of Sebi officials. The Sebi move will, however, not affect his interest in Bombay Dyeing, in which he has been buying afresh. Bajoria had said in the past that his intentions were to profit from the company's buyback offer. He said today that he was aware of the possibility of Seibu taking action against him, and had taken measures to protect his interest. The Seibu order said the action was taken for non-compliance of take-over regulation and 'attempted creation of evidence.' Bombay Dyeing had alleged that Bajoria did not inform the company when his holding exceeded the 5 per cent threshold. The takeover code mandates that an acquirer will have to inform the company within four days. Bajoria had argued that he had informed the Calcutta Stock Exchange (CSE) about his holding crossing the 5 per cent mark through a letter despatched under certificate of posting. Bajoria produced the letter in defence of his argument, but Sebi refused to admit it as an evidence. Instead, the market regulator formed the opinion that Bajoria attempted to 'create an evidence'. Besides Bajoria, Sebi has barred his broking firms (Mega Resources and Mega Stock), his jute mill (The Hooghly Mills) and his relatives (Pooja Bajoria, Mohini Devi Bajoria, Lata Devi Bajoria and Meenakshi Jatia) from accessing the capital market and dealing in securities for one year. Sebi has also ordered that an adjudicating officer will be appointed within 15 days to investigate the matter and decide whether any penalty should be imposed on Bajoria for alleged non-compliance of takeover regulations. Sebi, however, felt no specific directions was required to be issued for liquidating his holding in Bombay Dyeing as it had come down to below 5 per cent. After remaining below the 5 per cent mark for some time, Bajoria started acquiring Bombay Dyeing shares from the market again, but when his holding crossed the 5 per cent threshold, he duly informed the company this time. Bajoria, along with his associates had acquired 20,69,732 shares of Bombay Dyeing on March 15 last year. This exceeded 5 per cent of the paid up equity capital of Bombay Dyeing. The total holding of Bajoria and his associates increased to 56,77,326 shares as of September 21 last year.