Sebi Disposes Of Disclosure Lapses Case Against Shilpa Shetty, Raj Kundra
- ByAyushi Ray | August 3, 2021
A few days ago, Sebi had fined Raj Kundra and Shilpa Shetty for insider trading. Now, Sebi disposes of the disclosure lapses case against them.The change in the shareholding of the notices (couple) did not require any disclosures to be made by them in terms of… SAST Regulations and the allegation levelled in the show cause notice (SCN) that notices have violated the provisions of… SAST Regulations are not sustainable,’ Sebi said in an order dated July 30. The Kundra Duo became the promoters of Viaan Industries pursuant to their individual acquisition of 25.75 per cent shareholding in the company during the period March 2015.
It was further observed that, in October 2015, the company came out with a preferential allotment of 5 lakh equity shares. The shares were allotted to four persons including the couple who were allotted 1,28,800 shares each in the preferential allotment made by the company. Pursuant to the allotment of the shares, it was alleged that the shareholding of the couple in the company had undergone change and therefore, they were required to make the necessary disclosures to the stock exchange, BSE, and to the company under the SAST norms. However, they had allegedly failed to make the necessary disclosures within the stipulated time period. Consequently, adjudication proceedings were initiated against Kundras and SCN was issued to them in April 2021.
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