Markets regulator Sebi today imposed a penalty totalling Rs 10 lakh on Shri Lakshmi Cotsyn and its eight promoter group firms for shareholding disclosure lapses.
These entities are Asian Pacific Continental, Mac Glasses, Sarvamangla Industrial Enterprises, Divya Trade Impex, Nutech Steel, Raj Rajeshwari Techno Fab, Lalitamba Home Decor and Lalitamba Textiles Clusters.
According to Sebi, the company alloted 35 lakh share warrants to 'promoters group' entities and on conversion into equity, their shareholding increased.
Pursuant to the conversion, shareholding of the 'promoter group' rose to 45.94 per cent from the previous 41.33 per cent and they were required to make this disclosures to the company and stock exchanges within two working days. However, they did not make such disclosure.
By not making the disclosure, the nine entities have violated provisions of SAST (Substantial Acquisition of Shares and Takeovers) and PIT (Prohibition of Insider Trading) regulations.
Accordingly, the regulator has levied a fine of Rs 2 lakh on the company and Rs 1 lakh each on the promoter entities.
In a separate order, Sebi has imposed a penalty of Rs 16.5 lakh on one Srinivasa Rao Marupudi for shareholding disclosure lapses.
Marupudi, being the promoter of Venus Power Ventures, had not disclosed about the change in its shareholding from 5.48 per cent to 0.14 per cent to exchange as well as to the company within requisite timeline.
Sebi found that non disclosures violation occurred during November 2012 and September 2013 and as per records Marupudi did not make the disclosures despite the requirement of making the same within two working days.
"Therefore, there is a delay of around four years in making the disclosure and...violation continues till date as the noticee has not made the said disclosures till date to exchange (BSE)," Sebi said.
Disclaimer: No Business Standard Journalist was involved in creation of this content
