Sebi today imposed a fine of Rs 20 lakh on Asian Oilfield Services' promoter entity for failure to make necessary disclosures of its aggregate shareholding to the stock exchanges and the company, in a timely manner.
The Securities and Exchange Board of India (Sebi) said that Samara Capital Partners Fund I Ltd was under an obligation to disclose the aggregate shareholdings to BSE and to Asian Oilfield Services' for the year 2012, as required under the takeover regulations.
However, the requisite disclosures were made by the promoter with a delay of 428 days.
Accordingly, through an order passed today, Sebi has imposed "a monetary penalty of Rs 20 lakh" on Samara.
Noting that disclosures are required so that investing public is not deprived of vital information, the market regulator said that Samara "in this case has neglected the duty of making timely disclosures in compliance with...The takeover regulations".
As per norms, promoters have to together with persons acting in concert, disclose their aggregate shareholding and voting rights as of March 31, in the company, within seven working day from the end of each financial year to the relevant stock exchange and the firm.
The regulator had come across the violations after it had conducted an examination into the draft letter of offer filed by Samara to acquire 26 per cent stake of Asian Oilfield.
