Sebi imposes Rs 27 lakh fine on three companies

Sebi has imposed a total penalty of Rs 27 lakh on three companies for not making a timely disclosure about their shareholdings in Mahan Industries.
Lakeside Properties, Concord Realty and Grantview Properties have been fined Rs 9 lakh each. Apart from failing to make disclosures on time about their shareholdings, they also did not respond to the summons issued by the regulator.
According to Sebi, these firms violated the provisions related to PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
During the course of investigation, the three firms were issued summons, but they failed to provide the information sought and present themselves before the authority concerned.

The entities "failed to submit full and complete information to the Investigating Authority (IA) as well as make personal appearance before IA as sought by the summons", Sebi said.
In three separate but similarly worded orders dated September 30, Sebi said that by not submitting complete details in response to the summons, despite having received the summons, compromises the regulatory framework and hampers the investigation.
"Any delay or hurdle in the investigation due to non-cooperation by any entity is detrimental to the interest of investors in the securities market and the same deserves to be viewed seriously.
"Further, the default by the noticee can be considered as repetitive in nature due to non-compliance with summons for more than one occasion," Sebi said.