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Market watchdog Sebi today imposed a total penalty of Rs 14.5 lakh on IB Infotech Enterprises and its two erstwhile promoters for their alleged delay in making yearly shareholding disclosures.
The Securities and Exchange Board of India (Sebi), in two separate orders, slapped a fine of Rs 4.5 lakh on IB Infotech Enterprises and another Rs 5 lakh each on the company's former promoters--Worldwide Management Consultancy and one Vasantha Kumaran.
According to Sebi, the three entities had not made the shareholding disclosures to the exchange for nine consecutive financial years from 2003 to 2011 within the stipulated time-frame.
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Besides, the regulator said the former promoters had not made any disclosures either to the company or the exchange during this period.
As a listed entity and as a promoter of a listed firm, the noticees (IB Infotech Enterprises and Worldwide Management Consultancy and Vasantha Kumaran) have a responsibility to comply with the disclosure requirements in accordance with their spirit, intention and purpose, Sebi added.
