SAT sets aside fine imposed by SEBI on Golden Tobacco and GHCL

The Securities Appellate Tribunal (SAT) today set aside penalties totalling Rs 2.250000000 on Golden Tobacco and GHCL Limited imposed by Sebi in a matter related to disclosures of pledged shares by promoter entity.250000000 on GHCL and Rs 10000000 on Golden Tobacco.Consequently, the companies approached SAT against the Sebi's order."We set aside penalty of Rs 10000000 and Rs 1.250000000 imposed on each appellant (Golden Tobacco and GHCL) by Sebi on ground that the appellants have failed to disclose to the exchanges, fact that the shares of the appellant company held by the respective promoter/promoter group have been encumbered pursuant to an order passed by the arbitrator in the arbitration proceedings between the promoter/promoter group and some third party," SAT said in an order today.