The Securities Appellate Tribunal (SAT) has dismissed the plea of one G Suresh against Sebi's order that slapped a fine of Rs 5 lakh on him for failing to make shareholding disclosures within the required time-frame.
Sebi in December last year had imposed a penalty of Rs 5 lakh on CG Vak Softwares & Exports' Managing Director G Suresh for failing to make shareholding disclosures within the stipulated time-frame.
Consequently, he approached SAT against an order of the Securities and Exchange Board of India (Sebi).
In an order passed by the tribunal yesterday, SAT said it did not "find any merit in the appeal (by Suresh)and the same is hereby dismissed with no order as to costs".
Suresh had acquired 27,985 shares of the company on September 22, 2010 but did not disclose to stock exchanges about it within the stipulated time.
However, he had made the disclosure to the company that day itself.
Besides, Suresh picked up 6,884 shares on September 14, 2009 and crossed the 10 per cent limit. He again acquired 6,702 shares on March 30, 2010 and crossed the 14 per cent limit as prescribed under relevant section of the Takeover Regulations.
He was therefore under an obligation to make disclosures to both, the company as well as the bourse, within two working days.
