Sebi slaps Rs 1 lakh fine on one person in Sanguine Media case

Market regulator Sebi on Thursday imposed a penalty of Rs 100000 on one Bharath Chandan for allegedly not making disclosures regarding his acquisition of 8.87% stake in Sanguine Media After considering the facts and circumstances of the case, Sebi has imposed "a penalty of Rs one00000 on Bharath Chandan for not making necessary disclosures..." as required under the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations.Sebi (Securities and Exchange Board of India) said that Chandan had acquired 12.500000 shares of Sanguine Media amounting to 8.87% of the total share capital of the company in June, 2009.Since, Chandan had acquired more than five% shares of Sanguine Media, he was under an obligation to make disclosure about his shareholding to the company as well as the concerned stock exchanges , where scrips of the firm are listed."However, by virtue of the failure on the part of the noticee (Chandan)to make the necessary disclosures on time, the fact remains that the investors were deprived of the important information at the relevant point of time," Sebi said in its order.