Presha Metallurgical Ltd today said its promoters would appeal against Sebi's order imposing a penalty of Rs 3 crore on the promoters of the company for failing to make timely disclosures.
On Tuesday, the Securities and Exchange Board of India (Sebi) slapped a fine of Rs 1 crore each on the company's three promoters - Nilesh Kava, Bipin C Gadhiya and Govind Senma.
In a filing to the BSE, the company said the promoters would go for an appeal against the order.
It was found by the regulator that the promoters did not make disclosures about sale of shares in the company as required under Sebi norms.
Relevant disclosures under Sebi's Prohibition of Insider Trading (PIT) and Substantial Acquisition of Shares and Takeovers (SAST) regulations were not done for nearly four years.
According to the filing, the company along with seven other entities would also appeal against another order passed by Sebi in December last year.
Through that order, Sebi had fined the company as well as Compass Technologies, Ashok Propon, Sankeshwar Metals, Pankhuri Technowave, Parixit Gas Company, Darshit Hydro Power Project and Hiralal P Shah HUF. A penalty of Rs 1 crore was imposed on each of them.
Last year's ruling was with regard to the case where the entities had failed to make timely disclosures about change in shareholding to the stock exchanges.
