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Sebi imposes fine of Rs 10 lakh on an individual for disclosure lapse

Press Trust of India  |  New Delhi 

Markets regulator Sebi Wednesday imposed a fine of Rs 10 lakh on an individual for disclosure lapses in the shares of Gujarat

"There is no case for change in the penalty of Rs 10 lakh imposed earlier" through previous order, Sebi said in a fresh order.

The (SAT) had set aside Sebi's earlier order of February 2015 and directed the regulator to pass a fresh order in the case related to one Shivram Motial Meena.

The (Sebi) had conducted an investigation from October 2003 to January 2004 for alleged violation of Takeover and provisions.

In a fresh ruling, Sebi said during January, 2004, Meena acquired 5 lakh shares of Gujarat from another entity in off-market transaction after which his share holding increased to 9.91 per cent in the firm.

Under Takeover and norms, Meena was required to the disclose his increased shareholding to the exchanges and the company as his stake crossed the threshold of five per cent.

However, he failed to disclose it and thereby violated Takeover and regulations, Sebi said.

In a separate order, Sebi Wednesday imposed fine of Rs 2 lakh on two promoters of for failing to disclose their reduced shareholding in the company.

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

First Published: Wed, September 12 2018. 20:05 IST