Latest News | Sebi Slaps Fine on Viaan Industries, Raj Kundra, Shilpa Shetty for Disclosure Lapses

New Delhi, Jul 28 (PTI) Markets regulator Sebi on Wednesday slapped monetary penalty on Viaan Industries Ltd, Shilpa Shetty Kundra and Ripu Sudan Kundra, who is also known as Raj Kundra, for disclosure lapses and consequent violation of insider trading norms.

According to a Sebi order, a total fine of Rs 3 lakh has been imposed on them to be paid jointly and severally. Shilpa and Ripu are the promoters of Viaan Industries.

The order follows a probe conducted between September 2013- December 2015 to ascertain violation of Prohibition of Insider Trading (PIT) norms by the entities.

In October 2015, Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons and 1,28,800 lakh shares each, amounting to Rs 2.57 crore each, were allotted to Ripu and Shilpa in the allotment.

In this regard, they were required to make timely requisite disclosure to the company in terms of PIT norms since the transactions exceeded Rs 10 lakh in value.

"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 an order. Noticees refer to Viaan Industries, Shilpa Shetty Kundra and Ripu Sudan Kundra. Shilpa and Ripu are the promoters of the firm.

Viaan Industries was formerly known as Hindustan Safety Glass Industries Ltd.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)