Sebi slaps fine on Concurrent Infra for incorrect disclosures

Dec 03 2012, 22:06 IST
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Market regulator Sebi has imposed a penalty of Rs 50,000 on erstwhile Concurrent (India) Infrastructure for making incorrect disclosures related to the shareholding of promoters. (Reuters) Market regulator Sebi has imposed a penalty of Rs 50,000 on erstwhile Concurrent (India) Infrastructure for making incorrect disclosures related to the shareholding of promoters. (Reuters)
SummaryMarket regulator Sebi has imposed a penalty of Rs 50,000 on erstwhile Concurrent (India) Infrastructure for making incorrect disclosures related to the shareholding of promoters.

Market regulator Sebi has imposed a penalty of Rs 50,000 on erstwhile Concurrent (India) Infrastructure for making incorrect disclosures related to the shareholding of promoters.

"...impose a penalty of Rs 50,000 on the noticee, Concurrent (India) Infrastructure Ltd, (now known as Shriniwas Power & Infrastructure Ltd)," Securities and Exchange Board of India (Sebi) said in its order dated November 30.

The regulator said it had noted that the company filed incorrect and misleading information with the BSE related to the shareholding of two promoters--K Nirmala and K Nirupama for quarter ended March 2011.

Regarding the shareholding of the Nirmala, Sebi said out of 7.36 lakh Concurrent (India) Infrastructure Ltd (CIIL) shares pledged by the entity, two lakh CIIL shares was invoked on February 4, 2011.

Upon invocation, Sebi said Nirmala stake declined to 26.35 lakh shares or 6.15 per cent.

However, the shareholding pattern showed that Nirmala held 28.35 lakh scrips or 6.58 per cent holding in the company.

Similarly, in case of Nirupama, a total of 17 lakh CIIL shares was invoked on March 17, 2011 and March 18, 2011, subsequent to which her holding had fallen to 12.43 lakh shares or 2.98 per cent.

However, the shareholding pattern for the quarter ending March 2011 had disclosed 17 lakh shares to be encumbered and her shareholding to be 29.43 lakh shares or 6.84 per cent stake which is incorrect.

"The shareholding pattern indicates a higher shareholding of the said promoter entities (K Nirmala and K Nirupama) than the actual holding which was incorrect and therefore misleading to the general investors," Sebi said.

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