Sebi fines Hanuman Sugar and 8 entities Rs 21 lakh for disclosure lapses

Updated: Mon, Oct 15, 2018
11:02 pm
PTI
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Markets regulator Sebi Monday imposed a total fine of Rs 21 lakh on Shree Hanuman Sugar and eight other entities for disclosure lapses regarding change in their shareholding in the company.

In an order, the regulator fined the entities for violating PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers) Regulations.

The Securities and Exchange Board of India (Sebi) conducted an examination into shareholding pattern of the entities from March to December, 2014 after it received a complaint.

During the examination, Sebi found that the entities had acquired shares of Hanuman Sugar on numerous instances due to which the change in their shareholding was more than 2 per cent and some of the entities had already acquired more than 5 per cent stake in the firm.

Under PIT and SAST provisions, an entity which holds more than 5 per cent shares in any listed company is under obligation to make requisite disclosures to the company and exchanges in two working days.

Besides, if there is a change of more than 2 per cent in the shareholding of an entity already having over 5 per cent stake in the firm, it is required to make disclosures to the exchanges and the company in two working days.

However, the entities failed to do so, the regulator noted and thereby violated PIT and SAST norms.

With regard to Hanuman Sugar, it failed to disclose the change in the holding of promoters to the stock exchanges.

Accordingly, Sebi imposed a penalty of Rs 3 lakh on -- Bimal Nopany, Nandini Nopany, Nopany Investments Pve Ltd, Shruti Vora -- promoters of the firm while the regulator fined NNP Trading and Investments, Indian Die-Casting Company, Kolhapur Forge and Shruti Ltd Rs 2 lakh each.

Moreover, regulator imposed a fine of Rs 1 lakh on Shree Hanuman Sugar and Industries.

In a separate order, Sebi imposed a penalty of Rs 5 lakh on SMS Techsoft for violating listing agreements by failing to submit the financial results for the quarter ended March 2012 and also failed to appoint independent directors as chairman of the audit committee of the firm for financial years, 2011-12 and 2012 -13.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)