Capital market regulator Sebi today imposed a total penalty of Rs 10 lakh on Century 21st Portfolio and its three promoters for violations of norms.
Sebi found that Century 21st Portfolio violated listing agreement norms by making incorrect and misleading holding to the stock exchange, while the company's promoters -- Hemraj Baid (director-promoter), Anasuya Kanneganti and Nisha Baid -- failed to make relevant disclosures.
Accordingly, the regulator slapped penalty of Rs 2 lakh each on Century 21st Portfolio and Nisha Baid and Rs 3 lakh each on Hemraj Baid, Anasuya Kanneganti.
"As a listed company, the noticee company (Century 21st Portfolio) and its promoters had a responsibility to comply with the disclosure requirements under the equity listing agreement/ PIT (Prohibition of Insider Trading) Regulations, as applicable, in accordance with their spirit, intention and purpose," Sebi said.
"Delayed / Incorrect compliance with disclosure requirements by a listed company and its promoters undermines the regulatory objectives and jeopardizes the achievement of the underlying policy goals," it added.
In a separate order today, Sebi slapped a penalty of Rs 8 lakh on Media Matrix Worldwide for delay in making disclosures about its shareholding pattern on various occasions between 1998-2011.
According to Sebi the entity had violated disclosure norms "on sixteen occasions altogether".
Separately, the market regulator disposed of the case against Rajlaxmi Industries erstwhile promoter Usha N Parikh in a case related to violation of takeover regulations, as she has died.
According to the market regulator "the matter in respect of the noticee, Late Usha N Parikh initiated...Dated December 10, 2013 cannot be proceeded with as the noticee has passed away on January 4, 2011 and, thus, the matter becomes infructuous and adjudication proceeding cannot be proceeded with".
In another order, Sebi has levied a penalty of Rs 2 lakh on KJ International for not obtaining registration with the market regulator's online complaint redressal system, SCORES.
All listed companies had to obtain SCORES authentication by September 12, 2012 failing which enforcement actions would be initiated against them, as per Sebi orders.
