Sebi fines Rs 6 lakh on Taneja Aerospace, 2 others for disclosure lapses

Markets regulator Sebi Thursday imposed a total fine of Rs 6 lakh on Taneja Aerospace and Aviation Ltd (TAAL) and two senior company officials for disclosure lapses regarding acquisition of a wholly-owned subsidiary.

The two officials are Salil Taneja and B R Taneja who were the company's chairman and non-executive director, respectively, at the time of violation, Sebi said.

Sebi initiated investigation after it received complaint alleging irregularities in the amalgamation of TAAL with its wholly owned subsidiary TAAL Technologies Pvt Ltd (TTPL).

During the investigation, the regulator observed that with respect to investment in TTPL, Taneja Aerospace only disclosed on July 30, 2009 that TTPL has become its wholly owned subsidiary even when it had acquired 50 per cent shares on two occasions, March 19 and July 15, 2009.

Besides, it also did not disclosed about its advancement of Rs 9.7 crore in installments to TTPL.

"The allegation that TAAL and its board of directors had failed to disclose material