Regulator SEBI today imposed a total penalty of Rs 30 lakh on three entities for disclosure lapses and failing to make a public announcement upon acquisition of shares of Juggilal Kamlapat Jute Mills.
The three entities are Acme Consultants, Mooldhan Advisory Systems and Namokar Vinimay Pvt Ltd.
"The noticees (three entities), by failing to make a public announcement at the relevant time upon acquisition of shares of Juggilal Kamlapat Jute Mills Company Ltd (JKJMCL) from Rainey Park Suppliers, have violated the provisions... of the SAST Regulations," Sebi said in an order.
The regulator also said the three entities, by "not making the necessary disclosures upon acquisition of the shares of JKJMCL" have violated the SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
The Securities and Exchange Board of India (SEBI) had examined the alleged irregularity in dealing in the shares of JKJMCL -- presently known as Geo Jute Ltd.
Following the examination, the regulator had observed that Mooldhan, along with persons acting in concert -- Acme and Namokar, had acquired 80.87 percent shareholding in JKJMCL on March 19, 2009 without complying with the obligation of making a public announcement and did not make the necessary disclosures as well.
Sebi said that the three entities by failing to make a public announcement as required under the SAST Regulations and failing to make timely disclosures are liable for monetary penalties.Accordingly, the regulator has imposed a total fine on of Rs 30 lakh on Acme Consultants, Mooldhan Advisory Systems and Namokar Vinimay Pvt Ltd.