Sebi slaps Rs 21 lakh fine on Gee Gee Granites, 15 others

Market regulator Sebi today slapped a total fine of Rs 21 lakh on Gee Gee Granites Ltd and 15 other entities for their alleged failure to make shareholding disclosures within the stipulated timeline.
The Securities and Exchange Board of India (Sebi), in two separate orders, have imposed penalty of Rs 6 lakh on Gee Gee Granites Ltd (GGGL)and cumulative penalty of Rs 15 lakh on 15 other entities.
The regulator said that GGGL had failed to make yearly disclosures to the stock exchanges in the prescribed timeline as required under the Takeover Regulations between the years 2001 to 2006 and 2008 to 2011.

Besides, Sebi noted that 15 entities under an obligation to disclose their aggregate shareholdings to the stock exchanges to the company on April 12, 2012 for the year 2012.
However, the disclosures were made only on July 31, 2012, i.E. With a delay of 110 days violating the Takeover Regulations. At that time, all these 15 entities were promoters of Gee Gee Granites.
"...The regulations require the making of disclosures so that investing public is not deprived of vital information. The disclosures made by companies listed on the stock exchanges are the means to attain such end and therefore, dissemination of complete information is required," Sebi said.

"However, the noticees (GGGL and 15 other entities) in this case have neglected their duty of making timely disclosures in compliance," it added.