SEBI has slapped Rs. 1 crore fine on one Sendhaji J. Thakor for failing to furnish information sought by the capital markets regulator in matters related to SEL Manufacturing.
Mr. Thakor failed to give necessary information including details of trading in the scrips of SEL, whether he was allotted any share of the company in the IPO (initial public offer) and copy of demat accounts among others sought by SEBI.
“...even though two summonses were served on the noticee (Thakor), noticee neither appeared before the Investigating Authority (IA) nor produced the books of accounts/documents /information to the IA... inspite of service of summonses the noticee failed to cooperate with the IA,” SEBI said in its order.
Accordingly, the regulator levied the fine of Rs. 1 crore on Thakor.
Securities and Exchange Board of India (SEBI) conducted an investigation into the alleged irregularity in the trading of the shares of SEL during August 21-27, 2007.
In a separate order, the regulator has imposed a penalty of Rs. 5 lakh on Varun Shipping Company for failing to redress investor grievances within the prescribed time period.
“...allegation that the noticee (Varun Shipping Company ) failed to redress the grievance of its investors within the specified period of 30 days as alleged in the show cause notice is established against the noticee,” SEBI said.
