Sebi imposes Rs 2.50 lakh fine on Ganon Trading and Finance

Market regulator Sebi has imposed a penalty of Rs 2.50 lakh on Ganon Trading and Finance for delay in making disclosures regarding shares.

As per Securities and Exchange Board of India (Sebi), Ganon had failed to make disclosures within the stipulated timeline under the norms, for the years 2001-09.

In its order dated March 13, the regulator said it is imposing a penalty of "Rs 2.50 lakh on the noticee... for its failure to make disclosure within the timeline stipulated under Regulation".

Ganon's non-compliance with disclosure norms were found when Sebi was examining the public offer for acquisition of 26 per cent of the firm's stake by Krishnamani Holdings.

As per the norms, every listed company, has to within 30 days from the financial year ending March 31, as well as the record date of the company for the purposes of declaration of dividend, make yearly disclosures to its stock exchange.

Such disclosures include any changes in respect of the holdings by various entities such as as the promoters.

Meanwhile, in a separate order, Sebi has imposed a fine of Rs one lakh on one Mukesh Saboo for failing to make disclosures regarding his shareholding in Fact Enterprises.

"After taking into consideration all the facts and circumstances of the case, I impose a penalty Rs one lakh...on the noticee (Saboo) which will be commensurate with the violations committed by him," Sebi's adjudicating officer Barnali Mukherjee said in an order yesterday.

Sebi had alleged that Fact Enterprises Managing Director Rajiv Rajaram Kashyap transferred his 21.79 per cent stake to four individuals including Saboo during July-September 2009.

As per the probe Kashyap had transferred 11 lakh shares of which 5.50 lakh shares has been given to Saboo.

It was observed that Saboo along with the other three individuals had acted in concert and collectively acquired more than 10 per cent shares of the company but failed to make requisite disclosures.

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