Sebi slaps Rs 5 lakh fine in Gaylord Commercial Company case

Market regulator Sebi today slapped a total fine of Rs 5 lakh on Gaylord Commercial Company and five entities for alleged delay in making annual disclosures about the shareholding pattern.
The market watchdog, in two separate orders, has imposed a penalty of Rs 2 lakh on Gaylord Commercial Company and another Rs 3 lakh on five entities --Vijay Jain, Urvashi Jain, Sunita Jain, Shivani Jain and Vijay Jain HUF--for violation of Sebi (Substantial Acquisition of Shares and Takeover) Regulations.
According to the regulator, Gaylord Commercial Company had failed in making the annual disclosures of the promoters' holding to all the stock exchanges on which its shares were listed within the stipulated time-frame as required under Sebi's SAST regulations.

"...Noticee (Gaylord Commercial Company)has neglected its duty of making the disclosures in compliance with...SAST Regulations for the years 2007 and 2008," the Securities and Exchange Board of India (Sebi) noted.
Besides, Sebi has imposed a penalty of Rs 3 lakh on five entities for a substantial delay of 147 days in making disclosures about their aggregate shareholding in the company for the year 2012.
Also, the regulator said that these five entities shall be jointly and severally liable to pay the monetary penalty.