07 January 2018
The regulator observed that the four entities had violated the Substantial Acquisition of Shares and Takeovers Regulation for the transactions in shares of Shiva Cement.
Markets regulator Sebi TEMPhas imposed a total penalty of Rs 5 lakh on four entities, including IFCI Factors, for disclosure lapses in the matter of Shiva Cement. The promoters had pledged Shiva Cement's shares, which were released on April 21, 2014. IFCI Factors was the counterparty to the transactions and had acquired the shares. In its order dated January 5, Sebi said the promoters had pledged their shares with IFCI Factors and the same was released later which required them to make requisite disclosures.
The regulator added that upon release of the pledged shares, IFCI Factors was also required to make necessary disclosures. However, the four entities by not making the necessary disclosures upon release of the pledge of shares of Shiva Cements have violated the provisions of SAST Regulation, Sebi noted. For the violations, the Securities and Exchange Board of India (Sebi) has levied a fine of Rs 3 lakh on the promoters and Rs 2 lakh on IFCI Factors.
The regulator observed that the four entities had violated the Substantial Acquisition of Shares and Takeovers Regulation for the transactions in shares of Shiva Cement.
Markets regulator Sebi TEMPhas imposed a total penalty of Rs 5 lakh on four entities, including IFCI Factors, for disclosure lapses in the matter of Shiva Cement. The promoters had pledged Shiva Cement's shares, which were released on April 21, 2014. IFCI Factors was the counterparty to the transactions and had acquired the shares. In its order dated January 5, Sebi said the promoters had pledged their shares with IFCI Factors and the same was released later which required them to make requisite disclosures.
The regulator added that upon release of the pledged shares, IFCI Factors was also required to make necessary disclosures. However, the four entities by not making the necessary disclosures upon release of the pledge of shares of Shiva Cements have violated the provisions of SAST Regulation, Sebi noted. For the violations, the Securities and Exchange Board of India (Sebi) has levied a fine of Rs 3 lakh on the promoters and Rs 2 lakh on IFCI Factors.
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