In four separate orders dated February 28, Sebi (Securities and Exchange Board of India) has slapped a fine of Rs 5 lakh each on Parag Vanijya and Lucky Holdings and Rs 3 lakh fine each on Khushi Distributors and Raxon Motor Finance.
The regulator said these entities had not submitted complete information, including investments made in dummy firms created by Murli Industries, bank details of promoters, shareholder and investments in other private companies among others, required by it.
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"I note that not submitting complete details to the summons despite having the same appears to be an act on part of the noticee (Parag Vanijya, Lucky Holdings, Khushi Distributors and Raxon Motor Finance) to not cooperate with the regulatory mechanism," Sebi Adjudicating Officer Piyoosh Gupta said in a similar worded order.
"I also note that such non-cooperation and default definitely compromises the regulatory framework and acts as an impediment to the functioning of the investigation process of Sebi," he added.
The regulator had passed an interim order in December 2010 banning Dangi, his associates and promoters of four companies - Murli Industries, Ackruti City, Welspun Corp and Brushman India- from dealing in the equity markets following allegations of price manipulation.
The Sebi order had followed an income tax department probe. The regulator's probe had revealed a well-planned strategy to manipulate the share price of the company before the issuance of the Foreign Currency Convertible Bond (FCCBs).