You are here: Home » PTI Stories » National » News
Business Standard

Sebi fines former promoter of Covidh technologies Rs 6 lakh for disclosure lapses

Business Finance

Press Trust of India  |  New Delhi 

Markets regulator Sebi today imposed a fine of Rs 6 lakh on a former promoter of Covidh Technologies for disclosure lapses with regard to change in shareholding of the company.

In an order, Sebi said it has imposed a fine of Rs 6 lakh Obul Reddy Puppala who was director and promoter of the Covidh Technologies, previously known as Aptus Industries Ltd at the time of investigation.

The regulator had conducted an examination in the change of shareholding of Puppala from March to September in 2013.

Sebi found that during the investigation period, Puppala made seven share transactions in the scrip of the Covidh and as Puppala was holding more than 5 per cent shares in the company, he was required to make disclosures at every transaction to the exchange and the company within two working days under PIT (Prohibition of Insider Trading) as well as SAST (Substantial Acquisition of Shares and Takeovers) norms.

Though Puppala made relevant disclosures to the company, however he failed to make disclosures to the exchange, BSE and thereby violated PIT and SAST regulations, Sebi said.

In a separate order, Sebi today imposed penalty of Rs 5 lakh on six former promoters of Premier Synthetics Limited for failing to disclose inter-se transfer of shares of the company among the them to the stock exchange, BSE and hence it was violative of SAST (Substantial Acquisition of Shares and Takeovers) norms.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, August 16 2018. 20:50 IST