New Delhi, (PTI) Markets regulator Sebi has imposed a total penalty of Rs 5 lakh on four entities, including IFCI Factors, for disclosure lapses in the matter of Shiva Cement.
Apart from IFCI Factors, the other three entities are Shiva Cement's promoters -- Unicon Merchants, Akash Gupta and Preeti Gupta.
Following an examination, the regulator had observed that the four entities had violated SAST (Substantial Acquisition of Shares and Takeovers) Regulation for the transactions dated April 21, 2014 in the shares of Shiva Cement.
The promoters had pledged Shiva Cement's shares, which were released on April 21, 2014. IFCI Factors was the counter-party to the transactions and had acquired the shares.
In its order dated January 5, Sebi said the promoters had pledged their shares with IFCI Factors and the same were released later which required them to make requisite disclosures.
The regulator added that upon release of the pledged shares, IFCI Factors was also required to make necessary disclosures.
However, the four entities by not making the necessary disclosures upon release of pledge of shares of Shiva Cements have violated the provisions of SAST Regulation, Sebi noted.
For the violations, the Securities and Exchange Board of India (Sebi) has levied a fine of Rs 3 lakh on the promoters and Rs 2 lakh on IFCI Factors.
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