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Market regulator Sebi today slapped a fine of Rs 12 lakh on JMT Auto Ltd for failing to make shareholding disclosures to stock exchanges within the stipulated time-frame.
The company failed to make shareholding disclosures under Takeover Regulations for the years 2001 to 2011 within the stipulated time, the Securities and Exchange Board of India (Sebi) said in an order.
The default included "non-disclosure within 30 days from the financial year ending March 31 on three out of 12 occasions," the order said.
"A penalty of Rs 12 lakh ... On the noticee (JBT Auto) which will be commensurate with the violations committed by the noticee," it said.
Sebi said that as a listed company JBT Auto had a responsibility to comply with the disclosure requirements within 30 days from financial year ending March 31, as well as the record date of the company for the purpose of declaration of dividend so that investors could take a decision whether to buy, sell or hold in the company's securities.
