The Securities and Exchange Board of India (Sebi), in four separate orders, has imposed a penalty of Rs 16 lakh on Susheel Somani for violation of SAST (Substantial Acquisition of Shares and Takeover) Regulations.
Besides, the regulator slapped a collective fine of Rs 15 lakh on 11 entities -- S V Trading & Agencies Ltd, Susheel Somani, Rajendra Somani, Mridula Somani, Vandana Somani, Surendra Somani, Jaya Somani, Susheel Somani, Shurid Somani, Adarsh Somani, Hridai Somani and Kopran Lab for violationg securities market norm.
They were promoters of the STAL at the time of violating the norms in June 2012.
According to Sebi, Susheel which had 0.35 per cent holding STAL, had acquired 31,680 shares (32.03 per cent stake) of the company on June 30, 2012 by way of inter se transfer of shares amongst promoters.
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This included 20,000 shares (20 per cent) and 11,680 scrips (11.68 per cent) of the company from Shree Satyanarayan Properties and Kramer Pharmaceuticals respectively.
Following the acquisition, Susheel was individually to entitled to exercise more than 25 per cent of the voting rights of STAL and he was required to make public announcement about the same but failed to comply with the rules.
Consequently, they were collectively required to make public announcement, which they failed to do.