Sebi slaps Rs 10 lakh fine on Vitro Commodities

Sebi has slapped a total penalty of Rs 1000000 on Vitro Commodities for allegedly not making requisite and timely disclosures at every stage regarding its acquisition of 5.36% stake in GEE Limited shares.The Securities and Exchange Board of India (Sebi) had alleged that Vitro Commodities had failed to make disclosure of its acquisition of 5.36% stake in GEE to BSE where the shares of the company are listed.In an order dated March 28, the regulator said it is imposing a "consolidated penalty of Rs 1000000 on Vitro Commodities", citing that the entity had failed to make necessary disclosures as required under the norms.Of the Rs 1000000 penalty, the regulator has slapped a fine of Rs five00000 on Vitro Commodities for not disclosing at every stage the aggregate of his shareholding in GEE (which had crossed 5%), to the company and the concerned stock exchange.Another Rs five00000 have been imposed for not making the disclosures within two days of the transactions as required under the norms.Sebi had conducted an investigation into the trading in the scrip of GEE during the period from April 28, 2009 to August 31, 2009.It was alleged on the basis of the findings of the probe that till March 2009, Vitro Commodities was not appearing as a promoter entity. However, it was holding 5.36% of shares in the quarter ending March 2009.