Markets regulator Sebi on Friday imposed a penalty totalling Rs 5 lakh on two individuals for delay in making open offer in the matter of Emerald Leasing Finance and Investment Company Ltd.
Sanjay Aggarwal and Ram Swaroop Aggarwal are the two individuals fined by Sebi.
The Securities and Exchange Board of India (Sebi), in its investigation found that Sanjay and Ram Swaroop were appointed as directors of Emerald and had acquired control of Emerald.
It was further revealed that both of them were obligated to make a public announcement to acquire shares in Emerald upon being appointed as its directors.
The regulator noted that the two persons did not make an open offer within four working days of acquiring control, that is by September 7, 2009.In fact, the open offer was made on October 20, 2016.
By not making the open offer within stipulated time, they violated the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations, Sebi said in an order on Friday while imposing the fine.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app