Sebi slaps over Rs 1 cr fine on Suzlon Energy

Sebi today slapped a fine of more than Rs 10000000 on wind turbine maker Suzlon Energy for violating insider trading norms. A total fine of Rs 1.10000000, including Rs 500000 on an official, has been imposed as the company failed to disclose price sensitive information as required under the listing regulations on "more than one occasion". "I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticees and loss caused to investors as a result of non-disclosure of truncation of order. "They failed to make the disclosure on more than one occasion, hence it can be said, it is repetitive in nature," Sebi's Adjudicating Officer Sahil Malik said in the order. The noticees in the case were Suzlon Energy, its promoters Tulsi R Tanti and Girish R Tanti, and Hemal A Kanuga. Tulsi Tanti is Chairman and Managing Director while Girish Tanti is a Director. Kanuga, who has been fined Rs 500000, is compliance officer, according to the order. According to information available on BSE, Kanuga is currently company secretary. The violations pertain to failure to make certain corporate announcements about orders received by the company. The regulator looking into announcements made during the period from April 1, 2006 to March 31, 2009.