SAT dismisses Shriniwas Power's appeal against Sebi

Sebi last year had imposed a penalty of Rs 50,000 on Shriniwas Power & Infrastructure Ltd

The Securities Appellate Tribunal (SAT) has dismissed an appeal by Shriniwas Power & Infrastructure Ltd against market regulator Sebi's order of imposing penalty on the company for making incorrect disclosures related to the shareholding of promoters.

The Securities and Exchange Board of India (Sebi), in November last year, had imposed a penalty of Rs 50,000 on Shriniwas Power & Infrastructure Ltd (earlier known as Concurrent (India) Infrastructure).

The regulator noted that the company had filed incorrect and misleading information with the bourse related to the shareholding of two promoters K Nirmala and K Nirupama for quarter ended March, 2011.

Dismissing the appeal, the Tribunal in an order dated June 21, said that Sebi has already taken a lenient view and imposed a minor penalty of Rs 50,000 on the company.

Therefore, SAT is not inclined to interfere with the impugned order in any manner. Consequently, the appeal is, therefore, "dismissed".

Besides, the Tribunal noted that there was no appearance on behalf of the appellant (Shriniwas Power & Infrastructure Ltd) on the last date of hearing on April 18, 2013. It appears that the appellant was not interested in prosecuting the matter.

Accordingly, in the interest of justice the matter was adjourned. Besides, SAT disposed of the matter on the basis of appeal and the oral submissions made by Sebi's counsel.