Sebi slaps Rs 50,000 fine on Concurrent Infrastructure

Market regulator Sebi has imposed a penalty of Rs 50,000 on erstwhile Concurrent (India) Infrastructure for making incorrect disclosures related to the shareholding of promoters.

“...Impose a penalty of Rs 50,000 on the noticee, Concurrent (India) Infrastructure Ltd, (now known as Shriniwas Power & Infrastructure Ltd),” Securities and Exchange Board of India (Sebi) said in its order dated November 30.

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

Regarding the shareholding of the Nirmala, Sebi said out of 736,000 Concurrent (India) Infrastructure Ltd (CIIL) shares pledged by the entity, two lakh CIIL shares was invoked on February 4, 2011. Upon invocation, Sebi said Nirmala stake declined to 2.64 million shares or 6.15 per cent.

However, the shareholding pattern showed that Nirmala held 2.84 million scrips or 6.58 per cent holding in the company.

Similarly, in case of Nirupama, a total of 1.7 million CIIL shares was invoked on March 17, 2011 and March 18, 2011, subsequent to which her holding had fallen to 1.24 million shares or 2.98 per cent.