Sebi slaps fine on Viaan Industries, Raj Kundra, Shilpa Shetty for disclosure lapses
Team Udayavani, Jul 29, 2021, 10:25 AM IST
New Delhi: Markets regulator Sebi on Wednesday slapped monetary penalty on Viaan Industries Ltd, Shilpa Shetty Kundra and Ripu Sudan Kundra, who is also known as Raj Kundra, for disclosure lapses and consequent violation of insider trading norms.
According to a Sebi order, a total fine of Rs 3 lakh has been imposed on them to be paid jointly and severally. Shilpa and Ripu are the promoters of Viaan Industries.
The order follows a probe conducted between September 2013- December 2015 to ascertain violation of Prohibition of Insider Trading (PIT) norms by the entities. In October 2015, Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons and 1,28,800 lakh shares each, amounting to Rs 2.57 crore each, were allotted to Ripu and Shilpa in the allotment.
In this regard, they were required to make timely requisite disclosure to the company in terms of PIT norms since the transactions exceeded Rs 10 lakh in value.
“It is on record that the relevant disclosures under the PIT Regulations were made by the Noticees with a delay of more than three years,” Sebi noted.
“Therefore, considering these facts and circumstances, I hold that this case deserves imposition of monetary penalty upon the Noticees,” said adjudicating officer Suresh B Menon in an order. Notices refer to Viaan Industries, Shilpa Shetty Kundra and Ripu Sudan Kundra. Shilpa and Ripu are the promoters of the firm. Viaan Industries was formerly known as Hindustan Safety Glass Industries Ltd.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
Markets sustain winning streak — Sensex jumps over 560 points, Nifty tops 22,300-level
MUST WATCH
Latest Additions
NIA arrests key accused in 2023 attack on Indian High Commission in London
Three persons run over by train in Bengaluru
Indian nationals aboard ‘MSC Aries’ in good health, return delayed due to technicalities: MEA
Husband has no control over wife’s ‘stridhan’: SC
IT sleuths threatening raided leaders to claim money belongs to me, Cong: DK Shivakumar