Airtel promoter pays ?2 lakh to settle insider trading case
Bharti Airtel's promoter firm Indian Continent Investment has settled an alleged insider trading case by paying ?2.17 lakh towards settlement charges to SEBI. The company, which bought Airtel shares between 2007 to 2010, saw its holding cross 5% in April 2008, requiring it to make necessary disclosures. However, it was alleged the promoter company failed to make such disclosures.
New Delhi, Apr 5 (PTI) Bharti Airtels promoter firm Indian Continent Investment has settled an alleged insider trading case after paying Rs 2.17 lakh towards settlement charges to regulator Sebi. Indian Continent Investment had acquired 26,58,60,986 shares constituting 7 per cent stake in the company during July 2007 to December 2010. As a result, Indian Continent Investments shareholding in Bharti Aitel crossed 5 per cent on April 29, 2008, requiring it to make necessary disclosures under PIT (Prohibition of Insider Trading) Regulations. However, it was alleged that the promoter company failed to make such disclosure, prompting Sebi to initiate a probe. In a settlement order passed today, Sebi said it is disposing of "the adjudication proceedings initiated against the noticee (Indian Continent Investment). 