Sebi imposes Rs 6 lakh fine on Zenith Capitals, its promoters

Market regulator Sebi has slapped a total of fine of Rs six lakh on Zenith Capitals and its promoters for their alleged delay in making shareholding disclosures.
The Securities and Exchange Board of India (Sebi) in its order today has imposed a penalty of Rs five lakh on Zenith Capitals and a collective amount of Rs one lakh on ten promoter entities.
According to the regulator, Zenith Capitals had violated Sebi's Substantial Acquisition of Shares and Takeovers Regulations for the years 2002 to 2011.
Zenith Capitals had allegedly delayed in making the annual shareholding disclosures between 2002 and 2011.
Besides, Sebi slapped fine of Rs one lakh on the company's ten promoters Aditya Vikram Singi, Ghanshyam Singi-HUF, Sita Devi Singi, Ghanshayamdas Gopaldas Singi, Jamaica Trading and Finance, Matushree Finance and Investment, Monandrous Trading and Finance, Zeal Real Estate, Zest Agencies and Trading and Zest Iron Agencies. This fine needs to be jointly paid by them.

The regulator said that promoters had made a delay 20 days with regard to their shareholding disclosures during the year 2012.

In a separate order today, the Sebi has disposed of the case against Machino Finance, a major shareholder of Hydro S&S Industries, with respect to violations of the takeover norms .
It was submitted by Machino Finance that the said matter has already been dealt with in 2010 wherein it was slapped with a penalty of Rs 1.25 lakh which has since then been paid.
Accordingly the market regulator said: "...That the matter cannot be proceeded with as the alleged transactions were already dealt with and the order has been passed against the noticee imposing penalty of Rs 1,25,000 on March 30, 2010".

"Thus, the matter is disposed of as infructuous," it added.