Sebi has slapped a fine totalling Rs 3.65 crore on four entities for not making shareholding disclosures with the required timeline, as also for not furnishing information sought by the market regulator.
The Securities and Exchange Board of India (Sebi), in four separate orders, imposed a penalty of Rs 1.4 crore on Sanjay Thakkar, Rs 1.3 crore on Basant Malpani, Rs 85 lakh on Right Finstock and Rs 10 lakh on Shivram Motilal Meena.
These entities failed to make shareholding disclosures required under 'Takeover Regulation' with the stipulated timeframe in the matter of Gujarat Arth.
Besides, they did not furnish information sought by the market regulator through summons and reminders during the process of investigation in 2003-04.
Sebi had conducted a probe into the alleged irregularity in the share trading of Gujarat Arth and into the possible violations various rules during October 2003 to January 2004.
