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Sebi has imposed financial penalties on 11 entities, together with three promoters of Videocon Industries Ltd, for sure violations of market norms with respect to the settlement of spot transactions associated with shares of the corporate.
Sebi levied a nice of ₹1 lakh every on three promoters — Electroparts (India) Pvt Ltd, Videocon Realty And Infrastructures Ltd, and Roshi Home equipment Pvt Ltd — and one other entity P-Sq. Monetary Consultancy Pvt Ltd, on Tuesday.
The opposite seven entities — Acuity Retailers Pvt Ltd, Coastal Fertilisers Ltd, Richhold Properties Pvt Ltd, Kaberi Items Pvt Ltd, Invorex Vincom Pvt Ltd, Akansha Commodities Pvt Ltd, and the Godavari Business companies Pvt Ltd — had been slapped with a nice of ₹1 lakh every by means of an order handed on August 6.
The watchdog had performed an investigation into the buying and selling of the agency’s shares through the April-September 2017 interval.
There have been some transactions between the three promoters of Videocon and Acuity Retailers, and people had been plain off-market transfers, the regulator mentioned.
Additionally, Acuity Retailers had transferred the shares by means of off-market transfers to the opposite seven entities.
As per Sebi, the entities being transferee/ purchaser and transferor/ vendor haven’t paid or acquired consideration for off-market receipt and switch of shares which isn’t in conformity with market norms.
The conduct of the events and nature of the transactions establishes that they entered right into a transaction in off-market, without receipt/ cost of consideration, which is in contravention of the provisions relating to identifying supply contracts, Sebi mentioned in similarly-worded separate orders.
It additionally added that the transactions had been “unlawful, void and a nullity”.
This story has been printed from a wire company feed without modifications to the textual content.
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