Sebi imposes Rs 28 lakh fine on Mafatlal Finance, 2 promoters

PTI Posted online: Tuesday, Mar 25, 2014 at 0000 hrs
Mumbai : Sebi has imposed a total penalty of Rs 28 lakh on Mafatlal Finance Company and its two promoters for delay in compliance with disclosure norms.

In three separate orders, Securities and Exchange Board of India (Sebi) has slapped a penalty of Rs 8 lakh on Mafatlal Finance and Rs 10 lakh each on its promoters -- Mafatlal Industries and Ensen Holdings (now known as PIL Chemicals).

Sebi said that Mafatlal Finance had delayed in making the annual disclosures of holdings of the promoters or persons(s) having control over the company to the stock exchanges within the stipulated time frame as required under regulations.

Further, the two promoters were required to make the yearly disclosure to Mafatlal Finance within 21 days from the financial year ending March 31 in respect of their holdings, among others, which they had failed to do.

The company and its promoters had not made the requisite disclosures on various occasions between 1998-2008.

In a separate order, Sebi has slapped a fine of Rs 15 lakh on erstwhile Splash Mediaworks for allegedly failing to disclose yearly shareholding disclosures within the requisite time-frame.

Sebi had imposed "a penalty of Rs 15 lakh on Splash Mediaworks (currently known as Splash Media & Infra)...for the non-compliance of ...SAST Regulations."

The company had failed to comply with Sebi's regulations for the years 1998 to 2003, 2005 and 2006, within the stipulated time.

Also, the regulator in an order dated March 21 has imposed a penalty of Rs 3 lakh on ICSA for allegedly making a delay in shareholding disclosure.