Markets regulator Sebi today imposed a penalty of Rs 25 lakh on two promoters of financial services firm Parsoli Corporation Ltd (PCL) for failing to make a public offer to acquire shares from the public.
Markets regulator Sebi today imposed a penalty of Rs 25 lakh on two promoters of financial services firm Parsoli Corporation Ltd (PCL) for failing to make a public offer to acquire shares from the public. The promoters are Zafar Yunus Sareshwala and Uves Yunus Sareshwala. In an order, Sebi said the promoters “have failed to make a public offer through merchant banker to acquire shares of PCL from public shareholders” by paying them the value determined in the manner prescribed in Sebi (Delisting of Equity Shares) Regulations, as directed by the regulator through a ruling in July 2010.
Based on an investigation into “fraudulent transfer of shares of PCL”, Sebi had passed an order in July 2010 restraining the firm and promoters from the securities market for seven years. Besides, the promoters were also directed to make a public offer through a merchant banker to acquire shares from public shareholders.
Taking into consideration the facts/ circumstances of the case, Sebi said Zafar Yunus Sareshwala and Uves Yunus Sareshwala are liable for monetary penalty of Rs 25 lakh for their failure to comply with the direction of the regulator issued through the July 2010-order. However, the regulator noted that despite the instant proceedings being concluded through this order, the onus of complying with Sebi’s direction continues to lie on the promoters. The order does not vitiate the right of the Securities and Exchange Board of India (Sebi) to take any further action and initiate any proceedings as deemed fit within its regulatory jurisdiction, the regulator said. In a separate order, Sebi imposed a total fine of Rs 10 lakh on Tarunkumar Brahmbhatt and Prarthana Tarunkumar Brahmbhatt for fraudulent trading in the shares of BGIL Films & Technologies Ltd.
The ruling has come following an investigation by the regulator in the shares of the firm for the period from June 2008 to March 2009. Tarunkumar Brahmbhatt and Prarthana Tarunkumar Brahmbhatt have created a misleading appearance of trading in the shares of the company and manipulated the price of the scrips by indulging in synchronised trades along with 20 other entities and violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations, Sebi said.