Sebi imposes Rs 7 lakh fine on Regus Impex for delayed disclosures

Markets regulator Sebi has imposed Rs 7 lakh penalty on Regus Impex for delay in disclosures pertaining to acquisition of shares of Dunlop India and Falcon Tyres.

In two separate orders dated July 23, the regulator said that in April 2012 Dunlop and Falcon had allotted 5 crore and 4.34 crore equity shares respectively on preferential basis to Regus and others.

Regus was allotted 1.75 crore shares, amounting to 14.35 per cent of the share capital of Dunlop and 1.52 crore shares or 19.60 per cent of the share capital of Falcon.

For the acquisition of shares of the firms, Regus was required to make necessary disclosures in terms of SAST (Substantial Acquisition of Shares and Takeover) Regulations and PIT (Prohibition of Insider Trading) Regulations within two days of allotment of the scrips.

However, in the matter of Dunlop, Regus made disclosures in terms of SAST and PIT Regulations with a delay of 3 and 1,146 days respectively, the Securities and Exchange Board of India (Sebi) said.

In the case of Falcon, the regulator observed that the disclosures were made with a delay of 2 and 1,135 days under the SAST and PIT Regulations, respectively.

Regus has failed to with SAST and PIT Regulations in both the matter, Sebi said.

Accordingly, the regulator has imposed a penalty of Rs 3.5 lakh on Regus in each of the two matters.