Markets regulator Sebi on Tuesday imposed a total penalty of Rs 35 lakh on Sunrise Asian Ltd and 13 other entities, including individuals, for various disclosure lapses.
A probe by the watchdog found violations of Prohibition of Insider Trading norms, Substantial Acquisition of Shares and Takeovers Regulations, Securities Contracts (Regulation) Act and Listing Obligations and Disclosure Requirements norms.
The investigation was conducted in the scrip of Sunrise Asian Ltd (SAL) during the period October 16, 2012 to September 30, 2015.
In March 2013, a court sanctioned a scheme of amalgamation of Santoshima Tradelinks Ltd (STL) and Conart Trader's Ltd (CTL) with SAL. Pursuant to the amalgamation, over four crore shares were allotted to 1,697 entities.
Further, the number of promoters increased from 2 to 14 from quarter ended March 2013 to June 2013. On account of the change in shareholdings of the promoters, disclosures were to be made under the Prohibition of Insider Trading norms.
In its order, Sebi said that some of the noticees had made delayed disclosures and also that some entities had failed to disclose their shareholdings of 1,000 shares upon becoming a promoter.
The company and the 13 other entities are together called as noticees.
SAL, being the company, made several errors in making disclosures in the quarterly shareholding pattern, and also made delayed disclosures on several occasions, the order said.
For the violations, Rs 10 lakh fine has been imposed on Sunrise Asian Ltd. Besides, a penalty of Rs 5 lakh each has been slapped on three entities and Rs 1 lakh each on ten others.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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