<p>The Securities & Exchange Board of India (Sebi) has imposed penalty totalling Rs 24 lakh on 17 entities on charges ranging from non-disclosure of acquisition of shares to involvement in fraudulent trade practices in dealing with shares of Platinum Corporation Ltd.<br /><br /></p>.<p>Sebi fined Platinum Corporation Promoter and Director Pratik Shah and 14 others Rs 20 lakh jointly for non-disclosure of acquisition of shares of the company. It also levied penalty of Rs 2 lakh each on Shankarlal M Patel and Lakshya Securities and Credit Holdings Ltd for unfair trade practices.<br /><br />Sebi had earlier conducted investigations relating to trading in the shares of Platinum Corporation which revealed that the company had issued 2.90 crore shares through preferential allotment of Rs 1 each at a premium of Rs 0.25 per share to seven persons, all related to the company, including Shah in January 2009.<br /><br />The regulator said they failed to make necessary public announcement to acquire the shares of the company in accordance with existing guidelines.<br /><br />The Securities & Exchange Board of India said the penalty of Rs 20 lakh would be commensurate with the violations committed by Shah and 14 others.<br /><br />In two other separate orders, the regulator levied penalty of Rs 2 lakh each on Shankarlal M Patel and Lakshya Securities and Credit Holdings Ltd.<br /><br />This is for facilitating the promoters of Platinum Corporation and connected parties to sell shares in the market by way of off-market transactions in their demat account by acting as conduit for movement of equities in 2004 and 2005.</p>
<p>The Securities & Exchange Board of India (Sebi) has imposed penalty totalling Rs 24 lakh on 17 entities on charges ranging from non-disclosure of acquisition of shares to involvement in fraudulent trade practices in dealing with shares of Platinum Corporation Ltd.<br /><br /></p>.<p>Sebi fined Platinum Corporation Promoter and Director Pratik Shah and 14 others Rs 20 lakh jointly for non-disclosure of acquisition of shares of the company. It also levied penalty of Rs 2 lakh each on Shankarlal M Patel and Lakshya Securities and Credit Holdings Ltd for unfair trade practices.<br /><br />Sebi had earlier conducted investigations relating to trading in the shares of Platinum Corporation which revealed that the company had issued 2.90 crore shares through preferential allotment of Rs 1 each at a premium of Rs 0.25 per share to seven persons, all related to the company, including Shah in January 2009.<br /><br />The regulator said they failed to make necessary public announcement to acquire the shares of the company in accordance with existing guidelines.<br /><br />The Securities & Exchange Board of India said the penalty of Rs 20 lakh would be commensurate with the violations committed by Shah and 14 others.<br /><br />In two other separate orders, the regulator levied penalty of Rs 2 lakh each on Shankarlal M Patel and Lakshya Securities and Credit Holdings Ltd.<br /><br />This is for facilitating the promoters of Platinum Corporation and connected parties to sell shares in the market by way of off-market transactions in their demat account by acting as conduit for movement of equities in 2004 and 2005.</p>
