New Delhi: While Raj Kundra and his company face pornography charges, SEBI has added to the family woes by slapping a penalty of Rs 3 lakh on him, wife Shilpa Shetty and Viaan Industries.
SEBI has penalised them for alleged disclosure lapses and consequent violation of insider trading norms.
According to SEBI order, Raj Kundra and Shilpa, the promoters of Viaan Industries will have to pay the penalty of Rs 3 lakh jointly.
The order follows a probe conducted between 2013 – 2015 to find out violation of Prohibition of Insider Trading (PIT) norms.
“It is on record that the relevant disclosures under the PIT Regulations were made by the Noticees with a delay of more than three years,” Sebi noted.
“Therefore, considering these facts and circumstances, I hold that this case deserves imposition of monetary penalty upon the Noticees,” said adjudicating officer Suresh B Menon.
In October 2015, Viaan Industries made a preferential allotment of 5 lakh equity shares to 4 people, amounting to Rs 2.57 crore each. In this regard, they were required to make timely disclosure to the company in terms of Insider trading norms as transactions exceeded Rs 10 lakh.
Viaan Industries was formerly known as Hindustan Safety Glass Industries Ltd.
