Sebi fines Bank of Rajasthan promoters for wrong disclosures
The Securities and Exchange Board of India (Sebi) also imposed a total penalty of Rs 20 crore on members of the Tayal family — the promoters of the bank that merged with ICICI Bank in 2010 — for making false disclosures related to their holding in the bank. Sebi conducted a probe into the affairs of BoR between June 2007 and December 2009.
Investigations revealed that the promoters of BoR, led by Pravin Kumar Tayal, along with some companies connected to Tayal and his relatives, made continuous disclosures that their stake had come down between 2007 and 2009.
The Sebi probe revealed that the holding of the promoters actually increased due to the active collusion of front entities acting in concert. FE
Be the first to comment.