Sebi slaps Rs 10 lakh fine on Hasti Finance, 2 individuals

They have been accused of not complying with disclosure norms

Market regulator Sebi today imposed a total penalty of Rs 10 lakh on Hasti Finance Ltd (HFL) and two individuals for not complying with disclosures norms.

In two separate orders, Sebi slapped a fine of Rs 4 lakh on HFL and of Rs 6 lakh on Sonal Nitin Somani and Sonal Nitin Somani.

However, in another order, Sebi disposed of charges against three promoters of HFL -- Suresh Chand Surana, Dilip Chand Surana and Anju Devi Surana - of not making requisite disclosures and open offer regarding acquisition of the company's shares.

The regulator dismissed the case against the promoters on grounds that the "corroborative evidences" available on record were insufficient to disprove submissions made by the three.

The cases relate to the 'Letter of Offer' regarding acquisition of up to 19.70 lakh shares, representing 20 per cent stake of HFL, by Sonal and Nitin Somani in 2009.

The regulator said that the company, Sonal and Nitin Somani failed to adhere to disclosure norms.

As per Sebi, Sonal and Nitin Somani were required to disclose purchase aggregating two per cent or more of the share capital of HFL to the company, and the concernd stock exchanges within two days of such purchase.

"The noticees did not make the disclosures and therefore, failed to comply with Regulation...,"the regulator said.

 Besides, Sonal and Nitin Somani also delayed in making an open offer regarding acquisition of the company's shares, Sebi added.

In the case of the firm's promoters, Sebi observed that prior to the open offer by Somani, the three promoters had purchased 54,351 shares which increased the shareholding of the promoter group including the persons acting in concert (PAC) by 2 per cent to 69.03 per cent.

However, it was alleged that they did not make a public announcement and also failed to make disclosures as required under the norms.

In this regard, the three promoters submitted to Sebi that the acquisition of shares by them were through market purchases and were less than 5 per cent and hence they did not require to make open offer, as per the norms.

As per Sebi rules, any acquirer along with PACs are required to make a open offer regarding purchase of shares if the holding is 55 percent or more but less than 75 percent of shares in a company.

However, the acquirer himself or along with PACs can acquire additional shares up to 5 per cent in the company without making a open offer if the purchase is made through open market purchase in normal segment on the stock exchange.