The Securities and Exchange Board of India has imposed a fine of Rs.20 lakh on 17 entities for violation of its takeover regulations while acquiring shares in Ahlcon Parenterals (India) Ltd.
The penalty is levied jointly and severely on the 14 individual and three companies who are acquirers and persons acting in concert (PAC) and has to be paid within 45 days from the date of the order, that is, Oct 1.
According to SEBI, the acquirers of shares in Ahlcon Parenterals and the PAC did not make the stipulated public announcement when the acquisition of shares in the company crossed five percent.
They together acquired 5.45 percent stakes in Ahlcon Parenterals in 2009-10.
The capital markets regulator came to know of the violation while examining the Letter of Offer filed by B. Braun Singapore Pte. Ltd. along with B. Braun Melsungen AG to acquire 26 percent shares of the Ahlcon Parenterals.
