SEBI Disposes Of Case Against Ethelbari Tea's 3 Promoters
The regulator noted that the did not find the "instant matter fit for imposition of penalty on the noticees (Chandra Prakash Kanoi, Santosh Kumar Kanoi and Nirmal Kumar Kanoi)... and the dispose of the proceeding accordingly".
Sebi had found that in a transaction on January 11, 2010, the promoters had acquired shares but made the disclosures on the same to the stock exchanges with a delay of 8 days from the transaction as against 2 days mandated under the norms.
In two separate orders, Sebi has disposed of the case against Drillco Metal Carbides but has imposed a penalty of Rs 50,000 on the company promoter La Tim Sourcing (India) in a matter related to violation of the disclosure norms.
The matter is with respect to acquisition of shares of Drillco Metal Carbides (now known as La Tim Metal & Industries) and the delay in filing disclosures with regard to the same by the firm and its promoter to the stock exchanges.
Sebi found that Drillco Metal Carbides had the disclosures "well within the time" specified under the regulations (that is within 2 days of the transaction). However, its promoter had delayed in making the disclosures by one day.
As per norms, every entity who holds 5 per cent or more stake in a company has to disclose every acquisition or disposal of shares of the firm representing 2 per cent or more of the shares or voting rights within two working days to the company and the relevant stock exchanges.
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