Market regulator Sebi has slapped a total penalty of Rs 9 lakh on three promoter entities of GHCL Ltd for violating takeover norms by failing to disclose change in company shareholding back in 2008.
In three separate orders today, the Securities and Exchange Board of India (Sebi) imposed Rs 3 lakh each on GHCL promoters -- Dalmia Finance, Hotex Company and Oval Investment -- for violations of 'Substantial Acquisition of Shares and Takeovers (SAST)' regulations.
Sebi observed that eight promoter entities, including the three entities of the company were involved in contributing to a decrease in promoter shareholding of more than 2 per cent.
Since the change was more than 2 per cent of the paid up capital of GHCL, the entities contributing this change were required to make appropriate disclosures within two days of this change to company and stock exchanges, as per the norms.
"I hold that the charges leveled against the noticee are proved and that the allegation of violation of provisions of ...Of the SAST regulations by the noticee stands established", Sebi adjudicating officer A Sunil Kumar said in the similarly-worded orders.
"...The noticee, by not complying with the regulatory obligation of making the disclosures regarding the sale of shares, has deprived investors of the important information at the relevant point of time," Kumar added.
