JOIN US Market regulator Sebi today slapped fines totalling Rs 2 crore on 17 entities for allegedly failing to make shareholding disclosures within the stipulated timeline.
The Securities and Exchange Board of India (Sebi), in its order, has imposed "penalty of Rs 2 crore only) jointly and severally on all the noticees (17 entities)." They were part of the then promoter group.
"The promoter group during the period January 2009 to March 2010 had acquired 5.45 per cent shares in the target company (Ahlcon Parenterals (India) Ltd)," Sebi said.
"Thus, they had crossed the limit of 5 per cent in March 2010 itself and therefore, for the current acquisitions of shares in multiple tranches during the period July 27, 2010 to August 4, 2010, noticees had to make a public announcement ...which noticees had failed to do so," it added.
According to Sebi's norm, the moment five per cent shares or voting rights are acquired by an acquirer whose shares or voting rights in the target company is between 55 per cent to 75 per cent, any additional shares or voting rights can be acquired only after making a public announcement.
The entities penalised include Bikramjit Ahluwalia, Ram Piari, Pushpa Rani, Raman Pal, Rohini S. Ahluwalia, Rohini Ahluwalia, Ahluwalia Builders & Development Group, Capricon Industrials, Tidal Securities, Shobhit Uppal, Vikas Ahluwalia, Rachna Uppal, Sudarshan Walia, Sudarshan Ahluwalia, Mukta Ahluwalia, Santosh Ahluwalia and Raj Kumar Ahluwalia.