The Securities and Exchange Board of India (SEBI) on Wednesday imposed a fine of Rs 3 lakh on actor Shilpa Shetty, her husband and businessman Raj Kundra and their company Viaan Industries for violating insider trading rules.
According to a report, Shetty, Kundra and Viaan Industries were fined heavily for the delay of three years in disclosing the allotment of preference shares. monecontrol. Vian Industries had made a preferential allotment of 500,000 equity shares in 2015, of which 128,800 equity shares were allotted to Kundra and Shetty, who were the promoters of the company.
SEBI’s Prohibition of Insider Trading Rules, 2015 states that promoters must disclose monetary transactions to the company within two days, if it exceeds Rs 10 lakh. Thereafter, the company has to inform the stock exchanges within two business days.
However, SEBI said the value of the transaction was Rs 2.57 crore, but the company disclosed the same in 2019 in violation of insider trading rules.
SEBI had sent notices to Shetty and Kundra, both of whom had admitted the mistake, saying that their intention was not malicious. SEBI adjudicating officer Suresh B Menon, however, refused to accept his argument and imposed the fine.
Kundra was arrested on July 19 for allegedly creating obscene material and publishing it through certain mobile applications. He is currently in police custody after a Mumbai court has refused to grant him bail.
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