Sebi on Friday levied a fine of Rs 10 lakh on real estate firm Linkhouse Industries for failing to provide relevant information sought by the regulator regarding the change in promoters' shareholding.
During an investigation between June 2004 and December 2008, the regulator observed that the promoters' shareholding in the company had increased from 70.52 per cent in March 2004 to 77.47 per cent in June 2004.
Following the change in holding pattern, Sebi sought documents from the firm regarding time, mode and number of shares bought by the acquirers.
However, the "noticee failed to submit the information/documents sought by investigating authority...which hampered the investigation", Sebi said in an order.
Non-furnishing of the details hampers the investigation and creates hurdle which is detrimental to the interest of investors in securities market, which needs to be dealt strictly, the regulator added.
Consequently, the Securities and Exchange Board of India (Sebi) imposed a penalty of Rs 10 lakh on Linkhouse Industries.
Disclaimer: No Business Standard Journalist was involved in creation of this content
