SEBI scraps disclosure lapses case against Raj Kundra and Shilpa Shetty
Vinod Bhanushali resigns from T-Series after 27 years; thanks Bhushan Kumar for support
3 years of 'Mulk'! Ashrut Jain praises Taapsee Pannu: She always surprises with her nuances
Honey Singh's wife Shalini Talwar files case under Domestic Violence Act against rapper
SEBI scraps disclosure lapses case against Raj Kundra and Shilpa Shetty
SEBI scraps disclosure lapses case against Raj Kundra and Shilpa Shetty
"The change in the shareholding of the noticees (couple) did not require any disclosures to be made by them in terms of... SAST Regulations and the allegation levelled in the show cause notice (SCN) that noticees have violated the provisions of... SAST Regulations is not sustainable," SEBI said in an order dated July 30.
The regulator had conducted an investigation into the dealings in the scrip of Viaan Industries (formerly known as Hindustan Safety Glass Industries Ltd), during the period September 2013 to December 2015.
Shilpa Shetty Kundra and Ripu Sudan Kundra, who is also known as Raj Kundra, became the promoters of Viaan Industries pursuant to their individual acquisition of 25.75 per cent shareholding in the company during the period March 2015.
It was further observed that, in October 2015, the company came out with a preferential allotment of 5 lakh equity shares. The shares were allotted to four persons including the couple who were allotted 1,28,800 shares each in the preferential allotment made by the company.
Pursuant to the allotment of the shares, it was alleged that the shareholding of the couple in the company had undergone change and therefore, they were required to make the necessary disclosures to the stock exchange, BSE, and to the company under the SAST norms.
However, they had allegedly failed to make the necessary disclosures within the stipulated time period.
Consequently, adjudication proceedings were initiated against Kundras and SCN was issued to them in April 2021.
Sebi noted that change in the collective shareholding of the couple after the preferential allotment was only 0.02 per cent and it had changed by 0.01 per cent when seen in the context of the individual acquisition of shares by Shilpa Shetty Kundra and Raj Kundra.
Thus, the change in their shareholding after the preferential allotment was well within the threshold limit prescribed under the rules and this change in shareholding did not warrant any disclosures to be made by them, the regulator added.
Accordingly, the regulator has disposed of "the adjudication proceedings initiated against the noticees viz. Ripu Sudan Kundra and Shilpa Shetty Kundra vide SCN dated April 26, 2021".
On July 28, Sebi slapped a fine of Rs 3 lakh on Shilpa Shetty Kundra, Raj Kundra and Viaan Industries for disclosure lapses and consequent violation of insider trading norms.
Comments (0)
Visual Stories
Life Style
Coolest celebrity-approved pantsuits
Entertainment
Dhara Shah and her dynamic style files
Entertainment
Most happening sisters of Bollywood
Entertainment
10 Hairstyles of Shehnaaz Gill that are worth bookmarking
Entertainment
Seerat Kapoor ups the heat in her latest pics
Life Style
Best lipstick colour according to your zodiac sign
Entertainment
Upcoming reboots already on our to-watch list
Entertainment
Shruti Haasan's most enchanting ethnic looks
TV
Jaw-dropping pictures of Prince Narula's ripped body
Entertainment
Hit shows that were nearly cancelled
Featured in Movies
Raj Kundra porn case live updates: No interim relief for Gehana Vasisth
Yo Yo Honey Singh accused of domestic violence
SEBI scraps case against Shilpa & Raj Kundra
Raj Kundra case: Stars who supported Shilpa
Watch: Akshay Kumar's 'Bell Bottom' trailer
Dhara Shah and her dynamic style files
Gehana's bail plea to be heard on Aug 6
3 yrs of 'Mulk'! Ashrut Jain praises Taapsee
Ineya's pictures that can make you sleepless
Entertainment
Aditya Roy Kapur sports a cool new look00:39- Did you know this secret of Shaheb Bhattacharjee?01:20
- Watch Latest Children Hindi Story 'Bal Ganesh Aur Kuber' for Kids - Check out Fun Kids Nursery Rhymes And Baby Songs In Hindi08:29
- Check Out Popular Haryanvi Song Music Video - 'Khasan Maarega' Sung By Sonu Sharma03:36
- Nursery Rhymes in English: Children Video Song in English 'Three Little Kittens'01:01:03
- Check Out Latest Malayalam Songs Audio Jukebox From Movie 'Cold Case'18:25
- Bolly Buzz: Alaya F joins Kartik Aaryan in ‘Freddy’; Tiger Shroff on his virginity; Shilpa Shetty-Viaan's happy pictures03:01
- Vaibhav Tatwawadi and Pooja Sawant to reunite for a romantic sequel 'Bhetali Ti Punha 2'01:36
- Bell Bottom - Official Trailer03:30
- Watch Latest Children Hindi Story 'Three Magical Wishes' for Kids - Check out Fun Kids Nursery Rhymes And Baby Songs In Hindi08:14
What reservation in medical colleges says about BJP’s caste politics
'A heterosexual male actor is the most difficult person to shoot an intimate scene with’
Whale vomit to lizard penis, trade in 'wildlife viagra' is only growing
120% interest on loans: How moneylenders are 'killing' people in small towns
closecomments
SIGN IN WITH
FacebookGoogleEmail