Sebi slaps Rs 21 lakh on two companies

Capital market regulator Sebi today imposed a total penalty of Rs 21 lakh on two companies -- Mipco Seamless Rings (Gujarat) and Waverley Investments -- for non-compliance with disclosure norms.
In two separate orders, the Securities and Exchange Board of India (Sebi) slapped a fine of Rs 14 lakh on Waverley Investments and Rs 7 lakh penalty on Mipco Seamless Rings.
Waverley Investments had failed to make disclosures for 1997-1998 to 2010-2011 within the stipulated time period.
On the other hand, Mipco Seamless Rings had failed to make timely disclosures for the financial years 1997-1998 to 2001-2002, 2003-2004 and 2006-2007.

As per Sebi norms, a company has to within 30 days from the financial year ending March 31 make yearly disclosures to all the stock exchanges on which it is listed in respect of its shareholding pattern.
"Sebi's examination has not quantified the profit/loss for the nature of default/non compliance by the noticee and no material is made available on record to assess disproportionate gain or unfair advantage and amount of loss caused to an investor or group of investors as a result of default of the noticee," the regulator said.