Sebi slaps Rs 1 lakh fine on Bilcare CMD
- Will reach out to 'muslim' brothers, address Ram Temple issue: Modi
- Congress backs Priyanka Gandhi as she hits out at opposition for 'targeting Robert Vadra without proof'
- Elections 2014 LIVE: Kiran bedi supports Narendra Modi's PM candidature
- Would prefer to go to Pakistan than stop criticising Narendra Modi: Omar Abdullah
- IPL 7 Live Cricket Score, KXIP vs SRH: SRH field first, Pathan comes in for Ishant
Market regulator Sebi today said it has imposed a penalty of Rs 1 lakh on Bilcare's CMD Mohan H Bhandari for failing to submit a mandatory report regarding his acquisition of company's shares.
Securities and Exchange Board of India (Sebi) slapped a fine of Rs one lakh on Bilcare Chairman and Managing Director (CMD) Bhandari and said the penalty is "commensurate with the default committed by the Noticee (Bhandari)".
The regulator said it had carried a probe into the shares of Bilcare during January 1-December 11, 2003.
The investigation had revealed that Bhandari had acquired 5.60 lakh shares representing 17.6 per cent stake. As a result of the acquisition, the shareholding of Bhandari increased from 5.37 per cent in April 1, 2003 to 22.43 per cent in September 5, 2003.
As per the norms, an acquirer is required to submit a report about the share acquisition to Sebi within 21 days of the transaction. Thereafter, the person is entitled to exercise 15 per cent or more of the voting rights in the company.
However, Bhandari failed to submit the report, Sebi said.
The regulator said it also observed that Bhandari was eligible for exemption under the regulations as it was an inter-se transfer amongst promoters. But, he did not claim exemption, requiring him to submit the report, it added.
- Five months after gruesome ATM attack, accused still at large
- Ex-syndicate member of Bangalore University held in marks-for-cash scam
- Accused get bail as police fail to file chargesheet
- ‘Naxals collected info on trucks carrying explosives from Khadki to Ahmednagar’
- A tale of two villages: Ramayan and Mahabharat
- UP CM tears into Modi bastion on first visit to Gujarat, says Third Front ready