Bollywood actor Shilpa Shetty and her husband Raj Kundra gets one more shock after the Securities and Exchange Board of India (SEBI) on Wednesday imposed a penalty of ₹ 3 lakh on the couple and their company Viaan Industries for violation of its Insider Trading rules.
The SEBI order stated that the penalty has been imposed as the couple and the company delayed a three-year in the mandatory disclosure to stock exchanges. According to the market regulator, it is revealed that both Shilpa and Raj should pay the penalty jointly as they are promoters of Viaan Industries.
What did SEBI order say?
“Securities and Exchange Board of India had conducted an investigation into the trading/dealings in the scrip of Viaan Industries Limited (formerly known as Hindustan Safety Glass Industries Limited), during the period September 01, 2013, to December 23, 2015. Pursuant to the investigations, it was observed that Ripu Sudan Kundra, Shilpa Shetty Kundra and Viaan Industries Ltd had allegedly violated the provisions of Regulations 7(2)(a) and 7(2)(b) of SEBI (Prohibition of Insider Trading) Regulations, 2015,” SEBI order said.
Back in 2015, the SEBI order noted that the company Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons and it allotted 128,800 equity shares each to Kundra and Shetty.
As per Regulation 7(2) (a) of SEBI’s Prohibition of Insider Trading Rules, 2015, promoters of the company are required to disclose their transaction to the company within two days, if the amount exceeded ₹ 10 lakh, following which the company has to relay the disclosure to the stock exchanges within two trading days.
The transaction value of Kundra and Shetty’s share was ₹ 2.57 crore each. Also, the market regulator ordered the couple and their company– to remit/pay the penalty within 45 days of the receipt of the order. Now, in addition, four employees of Kundra have turned witnesses against him in the pornography racket case, amplifying the ordeal for him on Sunday.
This post was last modified on 29 July 2021 3:36 pm
The medical condition of the tenth class girl, who was brutally assaulted by her near…
Following the disturbing incident in Rapthadu, Minister Nara Lokesh has deployed a team of 20…
US Vice President JD Vance caught attention with his unusual Halloween getup. Sporting a long…
Week 8 has closed with an unexpected set of developments, triggering widespread shock and heated…
Shriya has clearly registered one pose for good, and she repeats it everywhere. Be it…
Former top cop of Andhra Pradesh AB Venkateswara Rao is actively campaigning in the Vijayawada…