Sebi imposes Rs 6.5 lakh penalty on Sanguine Media

Market watchdog Sebi has imposed a fine of Rs 6.5000000 on Sanguine Media for failing to comply with regulatory norms on disclosures.In an order dated July 31, Securities and Exchange Board of India (Sebi) has imposed "a total penalty of Rs 6,50,000 on Sanguine Media" for violations of various disclosure norms."...by not complying with the regulatory obligation of making the disclosure, the noticee (Sanguine Media) had concealed vital information which is detrimental to the interest of investors in securities market," Sebi said.The regulator had conducted a probe into trading in shares of Sanguine Media for the period from April 1, 2009 to June 17, 2009 and observed that the company had made five disclosures to the BSE out of which 4 disclosures were devoid of names of the acquirer/seller in them.It was found that Sanguine Media's director Ravi had pledged 14.5000000 shares (amounting to 10.28% stake) on August 29, 2008 which was closed and was recreated for the same quantity on February 25, 2009.Sebi said that Ravi had made the relevant disclosures of the pledged shares with Sanguine Media, but the company in turn failed to make the disclosures of the pledged shares to the BSE as required under the rules.Further, it was observed that Sanguine Media had not made timely disclosures of its shareholding pattern to BSE which was required to be done on a quarterly basis.Sanguine Media had also delayed disclosing the sale of 19.6400000 shares of company by Ravi which were carried out during the period from June 9, 2009 to June 17, 2009. The delay was of almost 15 months from the time of the sale, Sebi said.