Capital markets regulator Sebi today slapped a fine of Rs 25 lakh on five entities for their non-compliance with minimum public shareholding norms.
The five entities are E-Land Apparel (formerly known as Mudra Lifestyle), E-Land Asia Holding, Murari Bisheshwar Agarwal, Ravinder Bisheshwar Agarwal and Vishwambharlal Kanahiyalal Bhoot.
E-Land Asia Holding and Vishwambharlal Kanahiyalal Bhoot were the promoters of E-Land Apparel.
Under Sebi norms, listed companies are required to have at least 25 per cent public shareholding.
According to Sebi, all the five entities failed to meet the Minimum Public Shareholding (MPS) requirement within stipulated time of 12 months and complied with the relevant norms belatedly in September 2014.
"I am of the view that for the established violation of non-compliance/belated compliance of MPS norms by the noticees, the noticees are liable to be penalised," Sebi's Adjudicating Officer Rachna Anand said in an order today.
A penalty of Rs 5 lakh has been imposed on each of the five entities.
