Sebi drops disclosure case against Shilpa, Raj

August 03, 2021 17:24

Market regulator Sebi has disposed of adjudication proceedings against actor Shilpa Shetty Kundra and her businessman husband Raj Kundra in a case related to alleged disclosure lapses. It was alleged that the couple had violated the provisions of Sebi (Substantial Acquisition of Shares and Takeovers) Regulations) or SAST rules in the matter of Viaan Industries.

"The change in the shareholding of the noticees (couple) did not require any disclosures to be made by them in terms of... SAST Regulations and the allegation levelled in the showcause notice (SCN) that noticees have violated the provisions of... SAST Regulations is not sustainable," Sebi said in an order dated July 30.

The regulator had conducted an investigation into the dealings in the scrip of Viaan Industries (formerly known as Hindustan Safety Glass Industries Ltd), during the period September, 2013 to December, 2015.

Shilpa Shetty Kundra and Ripu Sudan Kundra, who is also known as Raj Kundra, became the promoters of Viaan Industries pursuant to their individual acquisition of 25.75 per cent shareholding in the company during the period March 2015. It was further observed that, in October 2015, the company came out with a preferential allotment of 5 lakh equity shares. The shares were allotted to four persons including the couple who were allotted 1,28,800 shares each in the preferential allotment made by the company.

Pursuant to the allotment of the shares, it was alleged that the shareholding of the couple in the company had undergone change and therefore, they were required to make the necessary disclosures to the stock exchange, BSE, and to the company under the SAST norms. However, they had allegedly failed to make the necessary disclosures within the stipulated time period.

« Back to LIVE

TOP STORIES

EPL PIX: Manchester City thump Wolves; Arsenal down Bouremouth

IMAGES from Premier League matches played on Saturday.

Real Madrid secure LaLiga title after Girona thrash Barca

Ancelotti's second-string players proved they were up to the task as they secured three points for Real and kept them on course for the inevitable LaLiga title celebrations.

Kotak Mahindra Bank reports 25% rise in Q4 net profit

Kotak Mahindra Bank on Saturday reported a 25 per cent growth in its March quarter net profit at Rs 5,302 crore, limited by a drop in the core income due to narrow interest margins. On a standalone basis, the city-headquartered lender's...

1 IAF personnel killed, 4 injured in Poonch terror attack

The attack took place near Shashidhar in the evening when the vehicles were moving towards Sanai Top in the district's Surankote area.

IPL PIX: RCB fumble before scripting win over GT

IMAGES from the Indian Premier League match played between Royal Challengers Bengaluru and Gujarat Titans in Bengaluru, on Saturday.