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

Unitech fined Rs 200,000 for incorrect disclosure about shareholding

It was alleged that Unitech made incorrect disclosure about shareholding of some promoters in the quarter ended September 2008 and December 2008

Press Trust of India  |  New Delhi 

Sebi

Markets regulator on Friday slapped a fine of Rs 2 lakh on Ltd for making wrong disclosure with regard to shareholding pattern of some promoters.

It was alleged that made incorrect disclosure about shareholding of some promoters in the quarter ended September 2008 and December 2008.

The Securities and Exchange Board of India (Sebi) conducted an examination in the scrip of for October 2008 to December 2008 period to ascertain violation of Listing Agreement.

The probe found certain discrepancies in the shareholding of promoters of Unitech -- Mayfair Investments P Ltd and Prakausali Investments India P Ltd -- in the quarter ended September 2008 with respect to disclosure made to the BSE and as per shareholding provided by RTA Registrar & share transfer agents and depositories.

In fact, there was incorrect disclosure of the shareholding of these two entities by Unitech.

"Noticee (Unitech) by making wrong disclosures of the shareholding of its promoters, violated the provisions...of Listing Agreement...and hence, the allegations against the noticee thus stand established," the regulator said in an order.

Accordingly, imposed a penalty of Rs 2 lakh on the company.

First Published: Fri, November 29 2019. 17:00 IST
RECOMMENDED FOR YOU