SEBI slaps Rs6.75 lakh fine on Concurrent India, its two promoters
MDT/PTI 04 December 2012

SEBI has imposed a penalty of Rs50,000 on Concurrent (India) Infrastructure Ltd, (now known as Shriniwas Power & Infrastructure Ltd) and Rs3 lakh on K Nirupama and Rs3.25 lakh on K Nirmala, both promoters of the company

 
Mumbai: Market regulator Securities and Exchange Board of India (SEBI) has slapped a total fine of Rs6.75 lakh on erstwhile Concurrent (India) Infrastructure Ltd (CIIL) and its two promoters for allegedly not complying with the disclosure norms related to the company's shareholding details, reports PTI.
 
In three separate orders dated 30th November, SEBI has imposed a penalty of Rs50,000 on Concurrent (India) Infrastructure Ltd, (now known as Shriniwas Power & Infrastructure Ltd) and Rs3 lakh on K Nirupama and Rs3.25 lakh on K Nirmala, both promoters of the company.
 
"impose a penalty of Rs50,000 on the noticee, Concurrent (India) Infrastructure Ltd, (now known as Shriniwas Power & Infrastructure Ltd...impose a penalty of Rs3 lakh on the noticee, K Nirupama... impose a penalty of Rs3.25 lakh on the noticee, K Nirmala...," the regulator said in three separate orders.
 
The regulator said the company filed incorrect and misleading information with the BSE related to the shareholding of two promoters -- K Nirmala and K Nirupama for quarter ended March 2011.
 
It was alleged that the two promoters had pledged certain shares of CIIL and their respective shareholding had undergone changes consequent upon the invocation of the pledge.
 
SEBI said it was revealed that the two entities had not not made necessary disclosures regarding the creation of pledge and invocation/ revocation of pledge of shares within seven working days as per SEBI's regulations.
 
Regarding the shareholding of the Nirmala, SEBI said out of 7.36 lakh CIIL shares pledged by the entity, two lakh CIIL shares were invoked on 4 February 2011.
 
Upon invocation, SEBI said Nirmala's stake declined to 26.35 lakh shares or 6.15%. However, the shareholding pattern showed that Nirmala held 28.35 lakh scrips or 6.58% holding in the company.
 
Similarly, in case of Nirupama, a total of 17 lakh CIIL shares were invoked on 17 March 2011 and 18 March 2011, subsequent to which her holding fell to 12.43 lakh shares or 2.98%.
 
However, the shareholding pattern for the quarter ending March 2011 had disclosed 17 lakh shares to be encumbered and her shareholding to be 29.43 lakh shares or 6.84% stake which is incorrect.
 
"The shareholding pattern indicates a higher shareholding of the said promoter entities (K Nirmala and K Nirupama) than the actual holding which was incorrect and therefore misleading to the general investors," SEBI said.
 
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