New Delhi: Markets regulator Securities and Exchange Board of India (Sebi) has imposed a fine of total Rs27 lakh on Sungold Capital Ltd and its three executive directors for allegedly violating norms related to public holding and disclosures. In an order passed on 30 June, Sebi imposed the penalty on Sungold Capital and its three executive directors—Rajiv R. Kotia, Ashok Modi and Sharad Gandhi. Besides, the company and its three executive directors faced a penalty of Rs10 lakh for providing “false and misleading information” to the stock exchanges by classifying the shareholding of the ‘promoter group’ as ‘public holding’. In a separate order passed on 30 June, Sebi slapped a fine of Rs10 lakh on five relatives of Kotia for their failure to make the necessary disclosures in respect of their trading in the scrip of Sungold Capital. However, there was no disclosure on part of the five to the company as well as the stock exchanges.

Source: Mint July 02, 2017 13:18 UTC