Capital markets watchdog Sebi today imposed a penalty of Rs 8 lakh on Tumus Electric Corp for failing to comply with the shareholding disclosure norms within the stipulated timeline.
The Securities and Exchange Board of India (Sebi), in an order, levied the penalty on the company for its failure to comply with the provisions of Substantial Acquisition of Shares and Takeovers (SAST) Regulations.
As per the regulator, Tumus Electric Corp had failed to make disclosures of change in shareholding (which took place in April 2002).
"The noticee (Tumus Electric Corp) had failed to make required disclosures... Since 1997-98 onwards till 2011-12... It is clear that a continuous delay of around 15 years took place from the noticee-end in making required disclosures," Sebi said.
In the showcause notice, it was alleged that Uttam Bagri acquired 26 per cent stake in Tumus Electric Corp. The firm, being a listed one, had made a delay in disclosing this change in the shareholding pattern.
Sebi said the disclosures are required to be made by the company on yearly basis irrespective of change in shareholding of person/promoters.
