Sebi slaps Rs 4.65 lakh fine on Tulive Developers director

Capital market watchdog Sebi has slapped a penalty of Rs 4.65 lakh on a director of Tulive Developers for alleged non-compliance with disclosure norms.
Securities and Exchange Board of India (Sebi) has found that Atul Gupta had failed to make disclosures to the stock exchanges on two instances in 2010 when he sold shares of Tulive Developers worth more than Rs 5 lakh.
"No evidence has been brought on record to show that the noticee has made the requisite disclosure...Within 2 working days of August 26, 2010 and October 6, 2010 to the company and to the stock exchange when his sell value of shares exceeded Rs 5 Lakh," Sebi said in a order dated February 4.

Accordingly, the market regulator said it is imposing "a penalty of Rs 4,65,000 on Atul Gupta, Director of Tulive Developers Ltd".
As per norms, a director or officer of a listed company has to disclose change in shareholding or voting rights if the change "exceeds Rs 5 lakh in value or 25,000 shares or 1 per cent of total shareholding or voting rights, whichever is lower" withing two working days of the transaction.
In a separate order, Sebi has imposed a penalty of Rs 4 lakh on Dhar Industries for not obtaining authentication of online complaint redressal system, SCORES, as well as for not resolving investor grievances.

"...It can be concluded that the Company had not only failed to obtain the SCORES authentication / failed to submitted the ATR (Action Taken Report) as required, but also failed to resolve the long pending grievances of the aforesaid complainants," Sebi said in an order dated February 5.
Sebi's show cause notice had alleged that there were 4 complaints pending against the company and the nature of grievances are non receipt of shares after transfer; and non receipts of dividend.
The market regulator has asked the Dhar Industries to furnish the authentication details for implementation of SCORES and had also stipulated that failure on the part of the company to update the ATR in SCORES, would be treated as non-redressal of investor's complaints.