Securities market regulator Sebi has slapped a total fine of Rs 54 lakh on four entities, including Niraj Cement Structurals' three promoters, for not disclosing details regarding their shareholding in the firm.
The penalties have been imposed on Custom Capsules (Rs 25 lakh) and Niraj Cement Structurals' promoters -- Gulshan V Chopra (Rs 15 lakh) and Vijaykumar Rajkumar Chopra (Rs 12 lakh) and Asha Vijaykumar Chopra (Rs 2 lakh).
The penalties have been imposed through four separate orders dated September 24 by the Securities and Exchange Board of India (Sebi).
According to Sebi, the entities had not filed disclosures with the company and the stock exchanges within the prescribed time limit given under the capital market norms.
The disclosures mainly pertained to transactions in shares of Niraj Cement that resulted in change in shareholding of the entities in the company.
According to the regulator, due to failure on part of the entities to make timely disclosures, "the investors were deprived of the important information at the relevant point of time.
