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The markets regulator Securities and Exchange Board of India (Sebi) has imposed a total penalty of Rs 5 lakh on five former promoter entities of Inland Printers Ltd for violating disclosure norms.
The promoter entities — Insight Management Services Pvt Ltd, Inland Dataforms Pvt Ltd, Gopalakrishnan Raman, Shanti Gopalakrishnan and Indumati Raman — have to pay the fine "jointly and severally".
The fresh ruling comes after the Securities Appellate Tribunal (SAT), in 2015, had directed the regulator to pass a "fresh order on merits".
In 2014, the Sebi had imposed a penalty of Rs 5 lakh each on the promoter entities.
It was alleged that the promoters failed to comply with the SAST (Substantial Acquisition of Shares and Takeover) Regulations by not disclosing their shareholding in Inland Printers to the company and stock exchanges within the stipulated time.
"The promoters have failed to comply with the provisions of... The Takeover Regulations, 1997 for the financial years ended March 31, 2003, to March 31, 2011, and with... The Takeover Regulations, 2011 for the financial year ended March 31, 2012, within the stipulated time," Sebi Adjudicating Officer Anita Kenkare said in an order yesterday.
"As promoters of a listed company, the notices (promoter entities) had a responsibility to comply with the disclosure requirements in accordance with their spirit, intention and purpose of the takeover regulations," Kenkare said.
"Non-compliance/delayed compliance with the disclosure requirements by a listed company and its promoters undermines the regulatory objectives and jeopardises the achievement of the underlying policy goals," the officer added.
Sebi also noted that the promoters formed part of the same promoter group.
"Thus, the responsibility for making the disclosure under the Takeover Regulations, 1997 and the Takeover Regulations, 2011, as applicable rests upon the promoter group as a whole, and not upon the individual promoter notices," the regulator said.
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