Markets regulator Sebi today imposed a penalty of Rs 4 lakh on 15 former and present promoters of Moschip Semiconductor Technology for not complying with disclosure norms.
The 15 promoter entities have violated the provisions of SAST (Substantial Acquisition of Shares and Takeovers) Regulations for the financial years 2011-2012 and 2012-2013, Sebi said in an order.
As per SAST norms, the promoters of Moschip Semiconductor Technology along with persons acting in concert were required to make disclosures regarding their aggregate shareholding and voting rights in the firm as of March 31, to the company and to every stock exchange where its shares were listed within 7 working days from the end of each financial year.
However, according to Sebi, while the promoters of the firm did not make required disclosures for the financial year 2011-2012, the same were made by them with a net delay of 10 days for the financial year 2012-2013.
As per the latest data available with BSE, where Moschip Semiconductor Technology is listed, R Deepalakshmi Reddy and Naveen Reddy are no more promoters of the firm.
The 13 present promoters are Chandram Rama Reddy, Vinay Dantapally Kumar, C Dayakar Reddy, Surekha Reddy, K Pratibha Reddy, Ramachandra Reddy Kadiri, Joseph Wai, Art Khachaturian, Laurence N Benz, Sean Paul Carney, Gary Kennedy, Steve Shu Fun Kam and Eddie Sin Po Chiu, according to BSE data.
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