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
In a surprising political development, Rajyasabha MP Raghav Chadha is reported to have joined the…
Movie / Web SeriesPlatformGenre | LanguagesMension House MalleshPrime VideoRom-Com | Telugu Lechindi Mahila LokamPrime VideoComedy…
The police have arrested YSRCP MLC Anantha Babu in connection with the murder case of…
On the decorative arches being erected at the venue of the inaugural meeting of Kavitha's…
Enforcement Directorate’s Hyderabad unit conducted large-scale searches on all key aides of former Chief Minister…
A key schedule of Prabhas' Spirit that was supposed to happen this month was pushed…