Free Press Journal

Sebi imposes Rs 30 lakh fine on three entities


Mumbai: Capital market regulator Sebi today imposed Rs 30 lakh penalty on three entities, including two former promoters of Eins Edutech, for failing to make timely disclosures about change in their shareholding of the company.

In three separate orders, the Securities and Exchange Board of India has imposed a penalty of Rs 10 lakh each on — Thyrocare Diagonistics, Thyrocare Biotech and Sanjay Salunkhe — for violating disclosure norms.

Thyrocare Diagnostics, Thyrocare Biotech are the former promoters of Eins Edutech Ltd. Both had failed to make disclosures within the stipulated time under its norms on three occasions between 2005 and 2010, Sebi said.

In the case of Salunkhe, it noted that he had entered into a share purchase agreement with the two promoters and acquired 1,76,450 shares of Eins Edutech on September 18, 2010.

As this transaction accounted for 72.02 per cent of the shareholding by the Salunkhe in the firm, it required a disclosure within 2 days of the transaction.

“On three occasions noticee has failed to make disclosures within the time prescribed in the regulations which indicate that such default was repetitive,” Sebi said in the orders.

“Correct and timely disclosures are also an essential part of the proper functioning of the securities market and failure to do so results in preventing investors from taking well-informed decision,” it added.

The market regulator had come across the violations upon examination of an open offer to acquire the company’s shares.