Image Source:- MoneyControl
For violating SEBI's insider trading rules, actor Shilpa Shetty, her husband and businessman Raj Kundra, and his firm Viaan Industries were fined Rs 3 lakh by the Securities and Exchange Board of India (SEBI).
Shilpa Shetty was one of the company's directors until she left last year. The Securities and Exchange Board of India (SEBI) probed into Viaan Industries Limited (previously known as Hindustan Safety Glass Limited ” )'s from September 1, 2013 to December 23, 2015.
Viaan Industries Limited made a "preferential allotment of 5,00,000 equity shares to four persons" on October 29, 2015, according to a SEBI order. "In this preferential allotment, Ripu Sudan and Shilpa Kundra each received 1,28,800 shares," the order reads.
Shilpa Shetty and Raj Kundra were required to provide the requisite disclosures to the firm following the preferential issuance of the shares.
The value of these transactions exceeded Rs 10 lakh, necessitating this declaration.
"In terms of Regulation 7 (2) (b) of the PIT Regulations, the company was required to make the necessary disclosures to the stock exchange within two trading days of the receipt of the disclosures from (Shilpa Shetty and Raj Kundra) or from becoming aware of such information pertaining to the transactions," the SEBI order said.
During the investigation, SEBI observed that Shilpa Shetty and Raj Kundra failed to make timely relevant disclosures as required by Regulations 7 (2) (a) and 7 (2) (b) of the PIT Regulations.
As a result of their violation of the PIT Regulations, SEBI filed an adjudication complaint against them under Section 15 A (b) of the SEBI Act, 1992.
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