Sebi slaps Rs 5 lakh fine in Seymour takeover case

The Securities and Exchange Board of India (Sebi) on Thursday penalised acquirers Vikram Investments Private Limited (VIPL) and its associates, and the promoters of the target company Seymour Technologies Limited by accepting the maximum fine of Rs 500000 voluntarily deposited by them in a case ralating to their failure to adhering to the disclosure requirements under the takeover guidelines. Sebi said that the target company failed to provide the details relating to the acquisition, identity of the class of allottees, their voting rights and possible change in management, in the notice of the extraordinary general meeting of the company held on April 3, 2000, resulting in multiple violations. The acquirers Anjana Share Brokers Private Limited (ASL), Silgo Properties and Investments Private Limited Silgo Finance Private Limited and Shri Amal Parikh, along with VIPL (persons acting in concert), have acquired 7.5000000 shares of the target company taking their shareholding in the company up to 900000 shares, representing 23.99% of the paid-up equity. Doogar suspended Securities Exchange Board of India (SEBI) has suspended the certificate of registration as merchant banker of Doogar and Associates Limited for a period of two months with effect from January 15, 2001. The reason for the suspension was the merchant banker’s failure to exercise due diligence in relation to the public issue of Manu Finlease Limited lead managed by them, said a SEBI release. The order suspending the certificate of registration has been passed in terms of sub-regulation (3) of Regulation 40 of SEBI (Merchant Bankers) Regulations, 1992 and Sub-Section (3) of Section 4 of SEBI Act, 1992. Meanwhile, SEBI has granted provisional registration to Midas Touch Investors’ Association, Kanpur and Ghatkopar Investors’ Welfare Association, Mumbai for a period of one year. With the grant of provisional registration to the two associations, the total number of Investors’ Associations registered with SEBI has become 11.So far, under the revised criteria for registration which was finalised in consultation with the representatives of Investors’ Associations, SEBI had renewed the registration of 6 associations for a period of 3 years and had granted provisional registration for a period of 1 year to 2 association.