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SEBI scraps disclosure lapses case towards Raj Kundra and Shilpa Shetty | Hindi Film Information

Market regulator SEBI has disposed of adjudication proceedings towards actor Shilpa Shetty Kundra and her businessman husband Raj Kundra in a case associated to alleged disclosure lapses. It was alleged that the couple had violated the provisions of SEBI (Substantial Acquisition of Shares and Takeovers) Rules) or SAST guidelines within the matter of Viaan Industries.

“The change within the shareholding of the noticees (couple) didn’t require any disclosures to be made by them when it comes to… SAST Rules and the allegation levelled within the present trigger discover (SCN) that noticees have violated the provisions of… SAST Rules isn’t sustainable,” SEBI mentioned in an order dated July 30.

The regulator had carried out an investigation into the dealings within the scrip of Viaan Industries (previously referred to as Hindustan Security Glass Industries Ltd), through the interval September 2013 to December 2015.

Shilpa Shetty Kundra and Ripu Sudan Kundra, who’s often known as Raj Kundra, grew to become the promoters of Viaan Industries pursuant to their particular person acquisition of 25.75 per cent shareholding within the firm through the interval March 2015.

It was additional noticed that, in October 2015, the corporate got here out with a preferential allotment of 5 lakh fairness shares. The shares have been allotted to 4 individuals together with the couple who have been allotted 1,28,800 shares every within the preferential allotment made by the corporate.

Pursuant to the allotment of the shares, it was alleged that the shareholding of the couple within the firm had undergone change and due to this fact, they have been required to make the mandatory disclosures to the inventory trade, BSE, and to the corporate below the SAST norms.

Nonetheless, they’d allegedly did not make the mandatory disclosures inside the stipulated time interval.

Consequently, adjudication proceedings have been initiated towards Kundras and SCN was issued to them in April 2021.

Sebi famous that change within the collective shareholding of the couple after the preferential allotment was solely 0.02 per cent and it had modified by 0.01 per cent when seen within the context of the person acquisition of shares by Shilpa Shetty Kundra and Raj Kundra.

Thus, the change of their shareholding after the preferential allotment was properly inside the threshold restrict prescribed below the principles and this modification in shareholding didn’t warrant any disclosures to be made by them, the regulator added.

Accordingly, the regulator has disposed of “the adjudication proceedings initiated towards the noticees viz. Ripu Sudan Kundra and Shilpa Shetty Kundra vide SCN dated April 26, 2021”.

On July 28, Sebi slapped a high-quality of Rs 3 lakh on Shilpa Shetty Kundra, Raj Kundra and Viaan Industries for disclosure lapses and consequent violation of insider buying and selling norms.

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