Capital market regulator Sebi today imposed a penalty of Rs 10 lakh on Vivimed Labs for allegedly violating listing agreement rules by not informing bourses about the date of payment of dividend to its shareholders.
In an order, the market regulator said that Vivimed Labs had "failed to inform NSE and BSE about the exact date of payment/dispatch of dividend to the shareholders...And thus liable for imposition of monetary penalty".
"... Hereby impose a penalty of Rs 10 lakh on the noticee viz. Vivimed Labs Ltd," the Securities and Exchange Board of India (Sebi) said.
Vivimed Labs had declared dividend for fiscal 2012-2013 and the same was also verified from BSE.
Sebi said the norms "specifically state that an intimation to the stock exchanges...Shall also contain the date on which dividend shall be paid / dispatched".
"Therefore...The provisions of the listing agreement not only put an obligation on the company to inform the exchange about the declaration of dividend etc but also the date on which it shall be paid," it added.
In a separate case, Sebi has slapped a fine of Rs 1 lakh on Bharat Explosives for failing to register with the watchdog's online investors complaint redressal system SCORES.
In August 2012, Sebi had asked all companies to register with SCORES by September the same year failing which appropriate enforcement actions will be taken against them.
The regulator said that Bharat Explosives had "obtained SCORES Login ID and password on March 14, 2014, only after receiving show cause notice by Sebi and not within the timeline stipulated by Sebi in this regard".
"Further, the noticee has not exhibited adequate efforts to resolve the pending complaint against it," it added.
