Capital market regulator Sebi today imposed a penalty of Rs 5 lakh on Abhishek Corporation's promoter for violation of disclosure norms.
The Securities and Exchange Board of India said that Anjali Annasaheb Mohite, being the promoter of Abhishek Corporation, was under an obligation to inform the details of invocation of pledge to the company on two occasions within seven working days.
"The noticee (Mohite) being the promoter of the company was under an obligation to make disclosures...But failed to do so," Sebi said in an order.
"...Hereby impose a monetary penalty of Rs 5 lakh on the noticee which will be commensurate with the violation committed by her," it added.
As per the norms, within 7 working days from the date of invocation of pledge on shares of a company, its promoter or every person forming part of the promoter group has to inform about these details to that company.
Mohite had failed to make disclosures about invocations of pledged shares for December 17, 2009 and then for January 5, 2010.
Sebi had found violations by Mohite after it had initiated a probe into the alleged irregularity in the trading in the shares of Abhishek Corporation for the period November 1, 2009 to June 30, 2010.
