Market regulator Sebi has imposed a total penalty of Rs 46 lakh on Arunjyoti Enterprises' six promoters and three other individuals for failure to make relevant disclosures to the stock exchanges.
Securities and Exchange Board of India (Sebi) has slapped a penalty of Rs 10 lakh on the company's director and promoter Polsani Ravinder Rao and Rs 5 lakh each on promoters -- ARS Rajan, Lakshmi Rajan, Ramana Bharati, Ramana Boina Shankar and Sreeram V Mangalapalli.
Besides, the market watchdog has imposed a joint fine of Rs 8 lakh on two individuals -- P Leela Madhuri Devi and Shri PV Ravi Kumar -- while it has levied a penalty of Rs 3 lakh on one P Suresh Gandhi.
However, Sebi said that another individual, Venkat Naresh Majeti, did not violate disclosure norms and has accordingly disposed of the proceedings against him.
"Non-compliance with disclosure requirements by Promoters/ Directors of the company undermines the regulatory objectives and jeopardises the achievement of the underlying policy goals," Sebi said in an order today.
As per the norms, entities must disclose to the company and the stock exchanges any change in their shareholding or voting rights within a stipulated time.
