Sebi slaps Rs 62.5 lakh fine on Rajlaxmi Ind' former promoters

Market regulator Sebi today slapped penalties totalling Rs 62.5 lakh on former promoters of Rajlaxmi Industries for allegedly failing to disclose yearly shareholding disclosures within the stipulated timline.
The Securities and Exchange Board of India (Sebi), in its order, has levied a fine of Rs 13.5 lakh each on Manish V Harlalka and Gautam V Harlalka, Rs 13 lakh on Asha Harlalka, Rs 7 lakh on Vinodkumar Harlalka, Rs 4 lakh each on Bina N Parikh, Bela Mehta and Kailash Makharia and Rs 3.5 lakh Renu Gautam Harlalka.
These eight former promoters have violated Sebi SAST (Substantial Acquisition of Shares and Takeover) Regulations by not making disclosures about their yearly shareholding in the company.

"Any transaction which requires compliance of the Takeover Regulations, if not complied, is always a serious matter, and cannot be considered a mere "technical" violation, since other shareholders/ investors were deprived of the information," Sebi said.
In a separate order, Sebi has imposed cumulative penalty of Rs 15 lakh on nine individuals on charges of not making shareholding disclosures within the requisite time-frame in the matter of Aksh Optifibre.
The fines were levied on --Kailash S.Choudhari, Seema Choudhari, Rohan Choudhari, Rashi Choudhary, Bharti Shailesh, Shailesh Popatlal Sundesha, Sharda Popatla, Popatlal Fulchand Sundesha and Ganpat Singh Bhandar.
These individuals had acquired and sold shares of Aksh Optifibre from time to time during 2006, 2007, 2009 and 2010.

Following the transactions, their holdings increased or decreased by more than two per cent of the share capital of Aksh Optifibre which required necessary disclosures within two days of the transactions to be made to the company and the stock exchanges. However, they failed to made such disclosures within the time-line.