Sungold Capital fined ?27L for violating disclosure norms
Market regulator SEBI has imposed a ?27 lakh fine on Sungold Capital and its three executive directors for allegedly violating public holding and disclosure norms. The firm was fined ?5 lakh and the directors were fined ?10 lakh for providing "false and misleading information" to stock exchanges. Chairman Rajiv Kotia was penalised ?12 lakh for failing to disclose family's shareholding.
New Delhi, Jul 2 (PTI) Markets regulator Sebi has imposed a fine of total Rs 27 lakh on Sungold Capital Ltd and its three executive directors for allegedly violating norms related to public holding and disclosures. In an order passed on June 30, the Securities and Exchange Board of India (Sebi) imposed the penalty on Sungold Capital Ltd and its three executive directors -- Rajiv R Kotia, Ashok Modi and Sharad Gandhi. A fine of Rs 5 lakh was slapped on the firm for wrongly classifying the shareholding of the promoter group as public holding and making wrong disclosures of the shareholding of Kotias son. Besides, the company and its three executive directors faced a penalty of Rs 10 lakh for providing "false and misleading information" to the stock exchanges by classifying the shareholding of the promoter group as public holding. Also, a fine of Rs 12 lakh was levied on Kotia, who is also the promoter, chairman and managing director of Sungold Capital Ltd, for failure to disclose to the company and to the stock exchange the change in the shareholding of his wife and son in the firm. 