Market regulator Sebi today slapped a fine totalling Rs 34 lakh on six entities for failure to make shareholding disclosures within the stipulated timeline.
The Securities and Exchange Board of India (Sebi) in three separate orders imposed "a penalty of Rs 25 lakh on all the noticees i.E. Vaman Madhav Apte, Devaki Laxman Apte, Vikram Vaman Apte and Mithila Vaman Apte."
Also, regulator levied a fine of Rs 7 lakh on Apte Amalgamations Ltd (AAL) and Rs 2 lakh on M. Apte Kantilal Pvt Ltd.
These entities have violated SAST (Substantial Acquisition of Shares and Takeovers) by not disclosing the shareholding pattern within the required timeline.
According to Sebi, four individuals failed to make public announcement for the acquisition of shares of AAL made by them on various ocassions in 2009.
Besides, Sebi found that AAL had made the shareholding disclosures with a delay, for the years 1998 to 2009 except for the year 2005.
The regulator noted that M Apte Kantilal Pvt Ltd acquired over 3.19 lakh shares of AAL on March 1, 2000, which resulted into increase in its shareholding to 16.34 per cent from nil. However, it failed to make the disclosures.
