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Markets regulator Sebi today imposed a total penalty of Rs 11 lakh on two companies for violating disclosure norms.
The Securities and Exchange Board of India (Sebi) had examined possible manipulation in the share price of VEIL during the period from January 2011 to March 2013.
The regulator had observed that VEIL, VCL and one Yogesh Mahasuklal Shah had violated certain capital market norms.
It was alleged that Yogesh, the promoter-director of VEIL, had created or released pledge of the shares of the firm without making required disclosures to the company and BSE in the prescribed format, thereby violating SAST (Substantial Acquisition of Shares and Takeover) Regulations.
It was also alleged that VEIL had failed to disclose to BSE the information received by it from Yogesh with regard to creation or release of pledge of shares, as per the order.
Besides, VCL was also alleged to have not complied with Listing Agreement by not disclosing VEIL under the 'Promoter Group' for the quarterly disclosures of September 2012, December 2012 and March 2013.
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