Sebi disposes of non-disclosure case against 3 entities

Capital market regulator Sebi today disposed of the charges against Haresh Infrastructure Private Ltd, Trusha Mercantile Private Ltd and Corporate Commodity Brokers in a case related to alleged violation of disclosure norms.
Securities and Exchange Board of India (Sebi) in its show cause notices had alleged that the entities had failed to make requisite disclosures to the BSE with respect to change in their respective shareholdings in Turbotech Engineering.
Taking note of the proof submitted by the three entities that disclosures were made to the BSE and the company, Sebi in three similarly-worded orders today said that allegations levied on them "do not stand established".

"Accordingly the present adjudication proceeding is disposed of," it added.
It was alleged that the entities did not make disclosures with respect to decrease in their shareholding in Turbotech Engineering after offloading certain shares in the off market.
Sebi observed that they had sold the shares on October 8, 2012, and made disclosures about the transactions to the BSE and the company.
"From the records, it is observed that BSE received, stamped and acknowledged the said disclosures on October 9, 2012 and the company acknowledged the said disclosures with a stamp however no date was mentioned," Sebi said in the orders.

Haresh Infrastructure held 26.50 lakh shares amounting to 11.04 per cent stake, while Trusha Mercantile and Corporate Commodity had shareholding of 29.50 lakh shares each (12.29 per cent stake each) in the company, till quarter ending September 30, 2012.