SAT dismisses Blue Blends ex-promoters plea against Sebi order

The Securities Appellate Tribunal (SAT) has dismissed the pleas of two former promoter group entities of Blue Blends (India) Ltd against an order by Sebi that imposed Rs 8 lakh penalty on them for violating disclosure norms.
The Securities and Exchange Board of India (Sebi), in January, had slapped a Rs 4 lakh fine each --Bindal Synthetics and Blue Blends Leasing--for failing to make disclosures norm in 2006 with regard to sale of more than two per cent stake in the company to the stock exchanges. They were promoters of the company during the violations in 2006.
As per Sebi norms, an entity has to disclose purchase or sale transactions aggregating to two per cent or more stake in a company, to that company as well as the stock exchanges.

Following the Sebi's order, the two entities moved to SAT.
In an order issued yesterday, SAT said," in the present case, admittedly appellant (Bindal Synthetics and Blue Blends Leasing) had sold shares which attracted disclosure requirements under...SAST Regulations," and hence decision of this Tribunal in does not support the case of the appellant.
Consequently, SAT said it "see no merit in these appeals and the same are hereby dismissed.