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Sebi imposes Rs 11 lakh fine on two firms

Press Trust of India  |  New Delhi 

Markets regulator today imposed a total penalty of Rs 11 lakh on two companies for violating disclosure norms.

The regulator imposed a fine of Rs 6 lakh on & Infrastructure Ltd (VEIL) while it slapped a penalty of Rs 5 lakh on Veerhealth Care Ltd (VCL), according to a order.

The Securities and Exchange Board of (Sebi) had examined possible manipulation in the share price of VEIL during the period from January 2011 to March 2013.

The regulator had observed that VEIL, VCL and one Yogesh Mahasuklal Shah had violated certain capital market norms.

It was alleged that Yogesh, the promoter-director of VEIL, had created or released pledge of the of the firm without making required disclosures to the company and in the prescribed format, thereby violating SAST (Substantial of and Takeover) Regulations.

It was also alleged that VEIL had failed to disclose to the information received by it from Yogesh with regard to creation or release of pledge of shares, as per the order.

Besides, VCL was also alleged to have not complied with Listing Agreement by not disclosing VEIL under the 'Promoter Group' for the quarterly disclosures of September 2012, December 2012 and March 2013.

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

First Published: Mon, August 07 2017. 22:57 IST