Sebi levies Rs 65 lakh fine on Helios and Matheson Information Technology for disclosure lapses

Markets regulator Sebi on Thursday levied a total fine of Rs 65 lakh on Helios and Matheson Information Technology Ltd for disclosure lapses and violation of listing agreement.

The company failed to make requisite disclosure to the stock exchanges on many accounts, Sebi said in an order.

Credit rating agency Crisil downgraded the ratings of the firm on account of several factors, including deteriorating liquidity. However, the firm neither disclosed the revised ratings of Crisil to stock exchanges nor disseminated the revised ratings through its website, it said.

Besides, the company failed to make disclosures regarding arrest of its three top executives by Economic Offences Wing for failing to repay public deposit and interest.

The firm also suppressed the legal orders passed against it.

Sebi said the firm was "required to immediately inform the stock exchanges of all the events, which will have bearing on the performance/operations of the company as well as price sensitive information."