Capital markets regulator Sebi today slapped a fine totalling Rs 49 lakh on Velox Industries and its former promoters for failing to make shareholding disclosures within the stipulated timeframe.
Securities and Exchange Board of India (Sebi), in separate orders, has imposed a penalty of Rs 4.5 lakh on Velox Industries (formerly known as Khatau Exim) and Rs 7.5 lakh each on Jayalakshmi Holdings, Brinan Investments and Alk Holding.
These three firms have merged with Great View Properties.
Besides, the regulator has levied a fine of Rs 6.5 lakh on H A Khatau and Rs 5.25 lakh on Rohan Khatau and Rs 5 lakh each on PH Khatau and MH Khatau.
According to Sebi, these entities have violated the provisions of Takeover Regulations for six consecutive financial years from 1997-98 to 2002-03, again did not comply with the ruling during 2004-05 and 2005-06 and subsequently again for two consecutive financial years 2008-09 and 2009-10.
These entities were required to make yearly shareholding disclosures within the required timeline.
