Sebi slaps Rs 23 lakh on Avail Holdings for non-disclosures

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Capital market watchdog Sebi today imposed a Rs 23 lakh penalty on Avail Holdings for delay in making annual disclosures to the stock exchange for 14 years.
"I conclude that admittedly, the noticee did not comply with the provisions of...The Takeover Regulations for a period of 14 years for which it is liable for monetary penalty," Sebi adjudicating officer D Sura Reddy said in the order today.
"I hereby impose a penalty of Rs 23 lakh on the noticee ie Avail Holdings Ltd," Reddy added.
As per Sebi takeover norms, every listed company, has to within 30 days from the financial year ending March 31, make yearly disclosures to all the stock exchanges on which the shares of the company are listed about the changes, if any, in its shareholding pattern.

Sebi said that Avail Holdings, listed on the Delhi Stock Exchange (DSE), had filed the necessary disclosures with a delay on August 22, 2012 for the years between 1998 to 2011, "thereby, frustrating the very purpose of...The takeover regulations".
"...The regulations require the making of disclosures so that investing public is not deprived of vital information," Sebi said.
"However, the noticee has neglected its duty of making the disclosures...Since 1998 and the same continued till 2011, thereby demonstrating the casual and unbecoming attitude on the part of the noticee in fulfilling statutory obligations," the market regulator added.
Sebi had conducted an examination in the shares of Avail Holdings, listed on the Delhi Stock Exchange (DSE), and observed that the company had failed to comply with the takeover norms.