Sebi slaps fine on Viaan Industries, Raj Kundra, Shilpa Shetty for disclosure lapses

[avatar user=”krupakshimehta” size=”thumbnail” align=”left”]By Krupakshi Mehta[/avatar]

Markets controller Sebi on Wednesday slapped money related punishment on Viaan Industries Ltd, Shilpa Shetty Kundra and Ripu Sudan Kundra, who is otherwise called Raj Kundra, for exposure slips and resulting infringement of insider exchanging standards. As per a Sebi request, a complete fine of Rs 3 lakh has been forced on them to be paid together and severally. Shilpa and Ripu are the advertisers of Viaan Industries.

The request follows a test directed between September 2013-December 2015 to learn infringement of Prohibition of Insider Trading (PIT) standards by the elements.

In October 2015, Viaan Industries made a special apportioning of 5 lakh value offers to four people and 1,28,800 lakh shares each, adding up to Rs 2.57 crore each, were designated to Ripu and Shilpa in the portion.

In such manner, they were needed to make ideal essential exposure to the organization as far as PIT standards since the exchanges surpassed Rs 10 lakh in esteem.

“It is on record that the pertinent revelations under the PIT Regulations were made by the Noticees with a postponement of over three years,” Sebi noted.

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“Accordingly, thinking about these realities and conditions, I hold that this case merits inconvenience of financial punishment upon the Noticees,” said arbitrating official Suresh B Menon in a request. Noticees allude to Viaan Industries, Shilpa Shetty Kundra and Ripu Sudan Kundra. Shilpa and Ripu are the advertisers of the firm. Viaan Industries was once known as Hindustan Safety Glass Industries Ltd.

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