Markets regulator Sebi on Tuesday slapped a total penalty of Rs 11 crore on 28 entities for failing to make public announcement related to the acquisition of shares of Murli Industries and not complying with directions passed by it.
The fine amount has to be paid by the entities jointly and severally.
In July 2015, Sebi had passed an order against the entities wherein it was established that they were acting in concert while acquiring shares in Murli Industries and were required to make public announcement within stipulated time period under the Takeover Regulations.
By doing so, the entities violated Substantial Acquisition of Shares And Takeovers norms and consequently a total fine of Rs 10 crore has been levied on the entities.
It was noted that the entities failed to comply with the directions of the regulator which required them to make the public announcement.
For not complying with the directions of the regulator passed in July 2015, the entities are facing a total fine of Rs 1 crore. Those who have been fined also include promoters of Murli Industries Ltd.
Among others, the entities include Runicha Alloys and Steel, Inco Infrastructure, Ramji Agri Business, Ambaji Papers, Kanhaiya Minning and Minerals, Krishnum Investment, Lakhi Packaging, Taitan Management service, Simple Mining and Power and Ramkrishna Fabrication and Machineries.