The capital market watchdog has found that shareholding of five promoters -- Vas Educomp, Vasparr Shelter, Pushpanjali Drums and Precision Containeurs and Yashraj Containeurs -- had decreased as on the quarter ending March 2012 but the same was not disclosed by the entities to the stock exchanges on time.
In an order today, Securities and Exchange Board of India (Sebi) said the promoters "had failed to make disclosures... within the stipulated time".
Accordingly, the regulator has imposed a "penalty of Rs 10 lakh on all the noticees".
Sebi probe has found that Vas Infrastructure promoters had pledged shares of the company to SICOM. Subsequently, SICOM had invoked the pledged shares on February 23, 2012.
The invocation had led to a decline in shareholding of all the five promoters as on the quarter ending March 2012 compared to the December-quarter 2011.
Sebi noted that as per rules, an entity holding 5 per cent or more shares in a company has to disclose to the company and the stock exchanges any change in shareholding exceeding 2 per cent within two working day. In addition the promoters of the company also have to disclose details of invocation of encumbered shares within 7 working days.
According to Sebi the five promoters had made the delayed disclosure of 39 to 44 days.