SEBI slaps Rs 62 lakh fine on 7 entities for violating takeover norms

Markets regulator SEBI on October 24 levied a total penalty of Rs 6200000 on seven entities for failing to make public announcement with regard to acquisition of Parichay Investments Limited shares. During an investigation conducted by the regulator, it noted that the holdings of the entities in Parichay Investments crossed the threshold limit of 15% on several occasions and they were required to make public announcement to acquire shares in the firm. However, the entities failed to do so, SEBI noted in its orders. Under the SAST norms, an entity has to make a public announcement to acquire shares of a company in case its shareholding in the firm goes beyond 15%. In similarly worded orders, SEBI said "the noticee deprived the public shareholders from their valuable right and the default on the part of the noticee are repetitive in nature, I am of the view that this is a fit case to impose such penalty that commensurate with the gravity of the violations committed by the noticee." Accordingly, SEBI levied a fine of Rs 2000000 on Amul Gagabhai Desai, Rs 1400000 on Krunal Gopaldas Rana and Rs 1000000 jointly or severally payable by Dhirenkumar Dharamdas Agarwal and Shweta Dhiren Agarwal. Besides, Sanjay Jethalal Soni, Krupa Sanjay Soni and JM Soni Consultancy are facing a penalty of Rs 1800000 payable jointly or severally by them. They violated the provisions of SAST norms, SEBI said. The fine of Rs 1600000 is to be paid jointly or severally by the entities, it added.