Capital market regulator Sebi today imposed a total penalty of Rs 22 lakh on four entities for failing to make disclosures within the stipulated time.
In three separate orders, Sebi has imposed "a penalty of Rs 7 lakh" each on Sincere Packers, MD Overseas Ltd and Novel Trade Links for delay in making annual disclosures about their shareholding pattern to stock exchanges between 1998 and 2011.
Besides, in a separate order, the Securities and Exchange Board of India (Sebi) has also slapped a "monetary penalty of Rs 1 lakh on Gee Gee Granites promoter Rajamani for failing to disclose his shareholding for financial year 2011-12 to the stock exchanges, within the prescribed time limit.
As per Sebi norms, every listed company has to within 30 days from the financial year ending March 31, make yearly disclosures to all the relevant stock exchanges in respect of its shareholding pattern.
Further, a promoter of every target company has to together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the March 31, in such a firm, within 7 working days.
In a separate case, Sebi has slapped a fine of Rs 4 lakh on Apexa Jagdishbhai Patel for fraudulent trading activities in shares of Aarey Drugs and Pharmaceuticals Ltd (ADPL).
Sebi in an order today said that Patel had "executed synchronised trades in the scrip of ADPL which had resulted in creation of artificial volume in the scrip of ADPL leading to false and misleading appearance of trading in the scrip".
"Further, this has also artificially increased the price in the scrip and hence is fraudulent in nature," it said.
The case relates to market regulator's Sebi probe into the trading of shares of three companies including ADPL for the period January 1, 2009 to August 31, 2009.
