Mumbai : In a high-profile case dating back to over 12 years, Sebi has found former Tata Finance Managing Director Dilip Pendse had executed “illegal transactions” in stocks of four firms including Infosys and erstwhile Telco, reports PTI.
The latest order, which has been passed after years of probe and various directions issued by Sebi itself and the Securities Appellate Tribunal in between, prohibits Pendse from accessing capital markets for two years.
Amid a public spat between him and the Tata group, Pendse was removed as Tata Finance chief way back in 2001 after a company subsidiary ran huge mark-to-market losses and the group also filed criminal charges against him. While Pendse refuted all charges, which included those related to fraud, he also had to spend time in jail.
Sebi said it began its probe after receipt of a complaint in October 2002 from Tata Finance about Pendse conducting “illegal carry forward transactions in the scrips of Himachal Futuristic Communications Ltd (HFCL), Tata Engineering and Locomotive Company Ltd (presently known as Tata Motors), Infosys and Software Solutions India Ltd.
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Mumbai : Capital market watchdog Sebi slapped a fine of Rs 25 lakh on Glaxo Group Ltd, a promoter entity of drug maker Glaxo Smithkline Pharmaceuticals, for failing to make timely disclosures about its aggregate shareholding to the company and the stock exchanges.
Sebi found that Galxo Group, as a promoter group entity, was under an obligation to disclose the aggregate shareholdings to the BSE and NSE as well as to Glaxo Smithkline Pharmaceuticals India for the year 2007.