Sebi imposes Rs 14 lakh penalties in Hind Syntex case

Market regulator Sebi today slapped fines totalling Rs 14 lakh on former promoter entities of Hind Syntex for allegedly not making shareholding disclosures to stock exchanges within the stipulated time frame.
The Securities and Exchange Board of India (Sebi), in its order, imposed a penalty of Rs 6 lakh on Shrigopal Dhoot, Pratibha Dhoot, Gopali Chandra Mohan, Ravi Mohan, Indumati R Maheshwari, Vishwa Mohan (HUF) and Golkunda Commercial.
"...Noticees (seven entities) shall be jointly and severally liable to pay the said monetary penalty," it added.
According to the regulator, these entities did not make the requisite disclosure regarding the sale of 2.13 per cent of the share capital of Hind Syntex Ltd (HSL) during April 26, 2004 to January 3, 2005 within the prescribed time-frame of two working days.

Besides, the Sebi slapped a total fine of Rs 6 lakh on Ravi Mohan, Gopali Chandra Mohan, Maheshwari and Vishwa Securities & Finance for not informing about sale of 2.26 lakh shares (amounting to 2.08 per cent stake) of the company during January-February, 2005.
All these entities were part of the promoter group of HSL at the relevant period.

The entities had filed the disclosures within the time prescribed only with the HSL and not with the bourses as required and the disclosures to exchanges were made after a delay of more than eight years. Consequently, violating Sebi (Substantial Acquisition of Shares and Takeovers) Regulations.

In a separate order, Sebi has imposed a penalty of Rs 2 lakh on Ravi Mohan, Ravi Mohan (HUF), Chandra Mohan, Vishwa Mohan (HUF), Vishwa Mohan, Siddartha Mohan, Indumati R Maheshwari, Gopali Chandra Mohan, Hind Filters, Hind Carpets and Vishwa Securities & Finance for not making their annual shareholding disclosure in the prescribed format to bourses.
They filed the disclosures only with the target company and that too in the old format. No disclosure was filed by them with the stock exchanges, Sebi said.
It also stated that they filed disclosures for the year ended March 31, 2012 under Sebi (SAST) Regulations, 1997 in place of filing requisite disclosures as per Takeover's norms 2011, which came into force in October 2011.