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SummaryThe Securities and Exchange Board of India has imposed a total penalty of Rs 1 crore on the promoter-director of Empower Industries India for allegedly indulging in fraudulent trading practices and violating disclosure norms related to company’s shares.

Sebi imposes R1-cr fine on EIIL promoter-director

The Securities and Exchange Board of India (Sebi) has imposed a total penalty of R1 crore on the promoter-director of Empower Industries India (EIIL) for allegedly indulging in fraudulent trading practices and violating disclosure norms related to company’s shares. Sebi said it is imposing “a consolidated penalty of R1 crore” on EIIL’s promoter-director Devang D Master. In its order, the regulator said it has found that Master was instrumental in issuing a misleading corporate announcement in March 2005 of preferential/rights issue. The issue did not materialise and had lured investors, leading to creation of artificial volumes in the scrip of EIIL, it said. Sebi also said Master made off market transfers to various entities and received shares in off-market for which he had not made disclosures and open offer. Sebi imposed a penalty of R75 lakh on Master for his failure to make open offer, another R20 lakh for fraudulent trading practices and R5 lakh for failure to make requisite disclosures.

RIL reclaims most-valued co status, topples ONGC

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