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SEBI said evidence is insufficient to establish that Kothari had acquired 5% shares of Alka Securities
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has disposed of the case against Mahesh Kothari, one of the promoters of Alka Securities Ltd (ASL), related to his alleged failure in making requisite disclosures about the his shareholding in the company, reports PTI.
As per regulations, a person has to disclose to the company and the concerned stock exchange about the sale of more than 2% equity. It is also necessary to show that before such a sale, acquisition of more than 5% of the shares was made by the same entity.
The regulator had alleged that Kothari sold 15 lakh shares of ASL on 25 March 2009 aggregating to 3% stake in the company and did not make requisite disclosures within two days of such a sale as required under regulations.
However, SEBI said it noted that Kothari had purchased 100 shares of ASL in November 1998 but this did not amount to 5% and that no other details of any acquisition by Kothari is available on records.
In its order, SEBI said evidence is insufficient to establish that Kothari had acquired 5% shares of ASL, and concluded the "alleged violations as per the Show Cause Notice (SCN) do not stand established against the Noticee (Kothari)".