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Sebi fines Lakhani India's 2 promoters for disclosure lapses

Press Trust of India  |  New Delhi 

Markets regulator Sebi today imposed a total penalty of Rs 4 lakh on two promoters of India for disclosure lapses.

The promoters are Mayank and Suman

In an order, Sebi said the two promoters "by not making the requisite disclosures with regard to their change in shareholding" have violated the provisions of PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares & Takeovers) Regulations.

In August 2014, had transferred his entire shareholding of 63,68,075 shares to through off-market, which constituted inter-se transfer of shares amongst the two promoters.

Following this, the shareholding of decreased from 47.33 per cent to nil and Suman Lakhani's stake rose from 11.07 per cent to 58.4 per cent.

The inter-se transfer of shares amongst the promoters of the company triggered disclosure requirements under the PIT as well as SAST Regulations.

However, the promoters failed to make necessary disclosures.

Accordingly, Sebi has levied a fine of Rs 2 lakh each on both the promoters.

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

First Published: Thu, March 08 2018. 18:30 IST