Sebi imposes Rs 2 lakh fine on former Mapro promoters

Markets regulator Sebi today imposed a penalty of Rs 2 lakh on the former promoters of chemicals company Mapro Industries Ltd for violating disclosure norms.
The erstwhile promoters -- Gopal Krishan Somani, Gopal Krishan Somani (HUF), Sanjay Somani, Sanjay Somani (HUF), Shruti Somani, Alok Wires Pvt Ltd, and Mebags Investment Services Pvt Ltd -- have to "jointly and severally" pay the monetary penalty, the Sebi order said.
The fresh ruling comes after the Securities Appellate Tribunal (SAT), in 2015, had directed the regulator to pass a "fresh order on merits".
In 2014, the Securities and Exchange Board of India (Sebi) had imposed a penalty of Rs 2 lakh each on the six erstwhile promoter entities.

The promoters had allegedly not complied with the Sebi SAST (Substantial Acquisition of Shares and Takeover) Regulations, for the financial year ended March 31, 2012 within the stipulated time.
"I find that that the erstwhile promoters did not comply with the provisions... Of the Takeover Regulations, 2011 for the financial year ended March 31, 2012 within the stipulated time on one occasion, and that the delay was of 20 days," Sebi Adjudicating Officer Anita Kenkare

Said in an order.
"The promoter noticees (six erstwhile promoters) had a responsibility to comply with the disclosure requirements in accordance with their spirit, intention and purpose," Kenkare added.

Sebi also noted that the six promoters are PACs (Persons Acting in Concert), being promoters and part of the same promoter group.
"Thus, the responsibility for making the disclosure under... The Takeover Regulations, 2011, rests upon the promoter group as a whole, and not upon the individual promoter noticees," Kenkare said.