Sebi slaps Rs 68L fine on Premier Capital Services, 12 others
Regulator Sebi today imposed a total penalty of Rs 67.75 lakh on Premier Capital Services Ltd (PCSL) and 12 others for violating various capital market norms.
The 12 others are R G Agrawal, R G Agrawal HUF, R K Agrawal HUF, G L Agrawal HUF, Rajesh Agrawal, Bimla Agrawal, Sangeeta Agrawal, Suman Agarwal, Vertex Investment, Vastu Commodities, Premier Protein Ltd and Yukti Investment.
Apart from Yukti Investment, the rest are erstwhile promoters of PCSL.
The regulator had examined alleged irregularities in the dealing in shares of PCSL, which is listed on BSE, and observed various non-compliances of the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations and PIT (Prohibition of Insider Trading) Regulations by the firm and others.
"The noticees (PCSL and 12 others) have violated various disclosure provisions of the SAST Regulations and the PIT Regulations on number of occasions during the relevant period," the Securities and Exchange Board of India (Sebi) said in an order.
"Certain noticees have failed to make public announcement on certain occasions for the acquisition of shares of PCSL," the regulator added.
In May and June 2009, the erstwhile promoters had purchased the shares of PCSL beyond a threshold which required them to make a public announcement for open offer. However, they made no public announcement on both the occasions, thereby violating SAST Regulations.
The 11 erstwhile promoter entities and Yukti Investment Pvt Ltd had also violated the disclosure provisions under the SAST Regulations and PIT Regulations for share transactions of PCSL during March 2008 and May and June 2009.
According to the regulator, PCSL had also not complied with the disclosure requirements.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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