You are here: Home » PTI Stories » National » News
Business Standard

Sebi slaps Rs 68L fine on Premier Capital Services, 12 others

Press Trust of India  |  New Delhi 

Regulator today imposed a total penalty of Rs 67.75 lakh on 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, 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 of PCSL, which is listed on BSE, and observed various non-compliances of the provisions of SAST (Substantial of 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 (Sebi) said in an order.

"Certain noticees have failed to make public announcement on certain occasions for the of of PCSL," the regulator added.

In May and June 2009, the erstwhile promoters had purchased the 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 story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, September 14 2017. 21:48 IST