BUSINESS
Markets regulator Sebi today imposed a total penalty of Rs 22.5 lakh on Santowin Corporation and seven entities for disclosure lapses with regard to share transactions.
Markets regulator Sebi today imposed a total penalty of Rs 22.5 lakh on Santowin Corporation and seven entities for disclosure lapses with regard to share transactions.
The fine has been levied for violating various provisions of PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers) regulations, Sebi said in three separate orders.
The Securities and Exchange Board of India (Sebi) has levied a fine of Rs 11 lakh on Santowin Corporation, Rs 2 lakh each on Sandeep R Deora, Shruti S Deora and a total of Rs 7.5 lakh on Ashok Kumar Gupta, Ashok Gupta HUF , Ankush A Gupta, Sushma Ashok Gupta and Akshat Gupta.
The regulator said Santowin Corporation did not make disclosure to exchange about disposal of the shareholding by its ex-promoters, Deoras, and thereby violated provisions under PIT and SAST.
Besides, "capital structure of the noticee (Santowin Corporation) has not taken into account the preferential allotment of 50.1 lakh equity shares in its quarterly shareholding for December 2010. The resultant change in the capital stricture due to preferential allotment has been incorporated only in the quarter ended March 2011," Sebi said.
By doing so, the company has not complied with the listing rules, it added.
Further, Sebi has said Deoras did not make disclosure about offloading their entire shareholding in Santowin Corporation. Besides, Guptas acquired shares of the company but they failed to inform to the stock exchange within two working days of the transaction.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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