Sebi fines Manali Properties, director Rs 8 lakh for not furnishing info

Sebi has imposed Rs 8 lakh penalty on Manali Properties and Finance and its director for failing to furnish information sought by the regulator in the matter of Falcon Tyres and Dunlop India.

Soumitra Ghose was director of the firm during the investigation period, according to the Sebi order.

The regulator had conducted investigation from April 26 to 28, 2012 and issued summons to the entities to furnish information and appear before the Investigating Authority (IA) regarding acquisition of scrips of Falcon Tyres and Dunlop India.

However, despite sending several summons, the entities failed to submit the required information and its director also failed to appear before IA, said Securities and Exchange Board of India (Sebi) in an order dated August 24.

The non compliance by the entities violated Sebi norms, said regulator.

Accordingly, a fine of Rs 5 lakh was imposed on Soumitra Ghose and Rs 3 lakh on Manali Properties and Finance.

"By not submitting complete details to the summonses as well as not appearing before the IA for giving evidence despite having received the summonses, compromises the regulatory framework and hampers the investigation," Sebi said.