Sebi imposes Rs 5 crore fine on Mehul Choksi, Gitanjali Gems, another individual

By: |
Published: February 27, 2020 6:52:03 PM

Nirav Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail.

In an order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and its Executive Director Dhanesh Sheth.In an order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and its Executive Director Dhanesh Sheth.

Regulator Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive businessman Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms.

Choksi, the maternal uncle of diamantaire Nirav Modi, is the promoter and managing director of Gitanjali Gems.

Nirav Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail.

In an order, Sebi said it is imposing a fine totalling Rs 5 crore on Choksi, Gitanjali Gems and its Executive Director Dhanesh Sheth.

“… the default is grave and the gravity of this matter cannot be ignored,” Sebi said.

“I am of the considered opinion that the deliberate defiance of the mandatory obligations and hiding the crucial and material information from investors, regulators and stock exchange, as found in this case should be dealt with sternly and the penalty in such cases should serve as effective deterrence,” Sebi Adjudicating Officer Santosh Shukla said in a 28-page order.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Lodha group’s UK arm launches $225 million bond issue
2Caution, gold investors: As prices hit all-time high, watch out for these factors before buying more
3Gold prices rise today as coronavirus outbreak spurs safe-haven demand, silver rates surge