Market regulator Sebi today slapped a fine of Rs 4.5 lakh on Rajlaxmi Industries Limited for not making shareholding disclosures within the stipulated timeline.
The Securities and Exchange Board of India (Sebi), in its order, imposed the penalty on the company for not complying with the provisions of 'Takeover Regulations'.
According to Sebi, Rajlaxmi Industries "had not made the disclosure to the exchange within the stipulated time for a total of five occasions during the years 2001, 2002, 2004, 2006 and 2007 under Regulation 8(3) of the Takeover Regulations and once in 2001 under Regulation 7(3) of the Takeover Regulations."
Under Sebi norms, Rajlaxmi Industries was required to make yearly disclosure, with respect to change in shareholding of promoters or persons having control over the company, within 30 days from the financial year ending March 31, to the stock exchanges.
Also, the company failed to make disclosures to bourses within seven days with respect to the aggregate number of shares held by each who had acquired shares.
"...With respect to compliance date 05.10.2001, the noticee has made a belated disclosure on 24.07.2002 under Regulation 7(3) of the Takeover Regulations," Sebi noted.
