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Viaan Industries and its promoters Shilpa Shetty and her husband Raj Kundra were fined Rs 3 lakhs by the Securities and Exchange Board of India for violating the SEBI (Prohibition of Insider Trading) Regulations, 2015. The order was issued following an investigation into the company's trading activities on the Bombay Stock Exchange from 2013 to 2015. VIL decided to make a favorable tax allotment of 5,00,000 equity shares to four people on October 29, 2015, with Shilpa Shetty and Raj Kundra receiving 1,28,800 shares each in the said preferential allotment. In this regard, as the appropriate transactions in question through to the aforementioned preference shares exceeded Rupees Ten Lakh in value, both of them were required to make the required disclosure to the company in compliance with the conditions of Regulation 7(2) (a) of the PIT Regulations.
Furthermore, the Company was obliged to produce the needs to make sure to the stock exchange within two trading days of receiving the disclosure of information from Shetty and Kundra under section 7(2)(b) of the PIT Regulations. During the investigative process, the market regulator discovered that Shetty and Kundra had continued to fail to make the necessary disclosures under Regulations 7 (2) (a) and 7 (2) (b) of the PIT Regulations within the span of time. They decided to make the appropriate disclosures in May of this year, which is more than three years late. SEBI stated that is on a database that only the Notices made the appropriate disclosure of information under the PIT Regulations with a delay of over 3 years.
In an order, adjudicating officer Suresh B Menon stated, "Taking into consideration these facts and circumstances, I hold that this case merits the imposition of monetary penalty upon the Notices." According to the SEBI, quick and efficient disclosures to the Company/stock exchange are critical from the perspective of investors and regulators.
Tags : #shetty #kundra #SEBI
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