The order follows a probe carried out between September 2013- December 2015 to establish violation of Prohibition of Insider Buying and selling (PIT) norms by the entities.
In October 2015, Viaan Industries made a preferential allotment of 5 lakh fairness shares to 4 individuals and 1,28,800 lakh shares every, amounting to Rs 2.57 crore every, have been allotted to Ripu and Shilpa within the allotment.
On this regard, they have been required to make well timed requisite disclosure to the corporate when it comes to PIT norms for the reason that transactions exceeded Rs 10 lakh in worth.
“It’s on file that the related disclosures below the PIT Laws have been made by the Noticees with a delay of greater than three years,” Sebi famous.
“Due to this fact, contemplating these info and circumstances, I maintain that this case deserves imposition of financial penalty upon the Noticees,” mentioned adjudicating officer Suresh B Menon in an order. Noticees check with Viaan Industries, Shilpa Shetty Kundra and Ripu Sudan Kundra. Shilpa and Ripu are the promoters of the agency.
Viaan Industries was previously generally known as Hindustan Security Glass Industries Ltd.
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