11:02 PM IST
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.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
Power of Rs 10,00,000 One-time Investment: How your Rs 10 lakh investment can turn into Rs 3 crore, Rs 4.47 crore, and Rs 6.63 crore in 30 years
)
8th Pay Commission Pension Calculations: How your Rs 20,200, Rs 25,250, Rs 34,000, and Rs 44,200 basic pension can be revised at 2.10-2.50 fitment factors (detailed charts)
)
8th CPC Salary Calculations: What can be revised basic pay for Grade Pay 1800, 2400, 2800 and 4200 employees at 1.92, 2.08 and 2.28 fitment factors?
)
Power of Rs 13,000 SIP: How many years will it take to generate Rs 9,00,00,000 corpus with just Rs 13,000 monthly investment?
)
How a 29-KM expressway transformed Gurugram’s real estate; these 4 areas are now hotspots for millionaires
)
10 Stocks To Buy For Short Term: Analysts suggest buying largecap, midcap, smallcap scrips for 2 weeks; Bharat Dynamics, Mazagon Dock on the list
)
Rs 30,00,000 Lump Sum Investment in Mutual Fund: In how many years can you create a corpus of Rs 1 crore, Rs 2 crore & Rs 3 crore at 12% annual return?
11:02 PM IST