Unitech fined Rs 2 lakh for violating Listing Agreement

SEBI. Photo by DH

Markets regulator Sebi on Friday slapped a fine of Rs 2 lakh on Unitech Ltd for making wrong disclosure with regard to the shareholding pattern of some promoters.

It was alleged that Unitech made incorrect disclosure about shareholding of some promoters in the quarter ended September 2008 and December 2008.

The Securities and Exchange Board of India (Sebi) conducted an examination in the scrip of Unitech for October 2008 to December 2008 period to ascertain a violation of the Listing Agreement.

The Sebi probe found certain discrepancies in the shareholding of promoters of Unitech -- Mayfair Investments P Ltd and Prakausali Investments India P Ltd -- in the quarter ended September 2008 with respect to a disclosure made to the BSE and as per shareholding provided by RTA Registrar & share transfer agents and depositories.

In fact, there was incorrect disclosure of the shareholding of these two entities by Unitech.

"Notice (Unitech) by making wrong disclosures of the shareholding of its promoters, violated the provisions...of Listing Agreement...and hence, the allegations against the notice thus stand established," the regulator said in an order.

Accordingly, Sebi imposed a penalty of Rs 2 lakh on the company.

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