Markets regulator Sebi today imposed a penalty of Rs 4 lakh on Himalya International's six promoter entities for their failure to make timely disclosures pertaining to their encumbrance of shares of the company.
Markets regulator Sebi today imposed a penalty of Rs 4 lakh on Himalya International’s six promoter entities for their failure to make timely disclosures pertaining to their encumbrance of shares of the company. The fine has been levied on Doon Valley Foods, MM Malik HUF, Man Mohan Malik, Sangita Malik, Sanjiv Kakkar and Anita Kakkar for not complying with provisions of SAST (Substantial Acquisition of Shares and Takeovers) regulations, Sebi said in an order. A probe conducted by Sebi found that these entities had failed to make the relevant disclosures in respect of the encumbrance of 65 lakh shares, amounting to 11.96 per cent stake, of Himalya International Ltd (HIL) during October 2014. These entities were under an obligation to make the necessary disclosures to both BSE and the company within seven working days of the creation of the encumbrance of shares. Accordingly, Securities and Exchange Board of India (Sebi) has slapped the fine on these entities. “The details of encumbrance of 65 lakh shares by six promoters of HIL and the timely disclosures thereof, are of significant importance from the point of view of the investors, as such information received by them in a time bound manner would facilitate them immensely in taking a balanced investment decision as regards to their holdings in the company,” Sebi noted. The company is primarily engaged in growing vegetables and manufacturing cheese, yogurt, appetisers, snacks, sweets and French fries.