Sun Pharma Promoter Group Fined

Mumbai, August 30, 2014: Market regulator Sebi today slapped a fine of Rs 3 lakh on Sun Pharma Advanced Research’s promoter group entity for allegedly failing to make shareholding disclosures within stipulated timeline.

The Securities and Exchange Board of India (Sebi), in its order, has imposed a penalty on Virtuous Share Investments “which will be commensurate with the violation committed by it”.

According to the regulator, pursuant to the rights issue, Sun Pharma Advanced Research Ltd had allotted 16.5 lakh partly paid-up shares to Virtuous Share Investments on October 3, 2012.

Consequently, shareholding of Virtuous Share Investments rose from 1.03 crore shares, amounting to 4.98 per cent stake of Sun Pharma Advanced Research, to 1.19 crore scrips or 5.06 per cent holding. The intimation of receipt of allotment was received by the promoter entity on October 10, 2012.

Virtuous Share Investments was required to disclose its shareholding to the company within two days from the receipt of intimation of allotment of shares (by October 12, 2012).

However, Sebi alleged the promoter group firm failed to make the disclosures within the prescribed timeline.

“The disclosure…was made by the noticee (Virtuous Share Investments) with a delay of more than a month,” Sebi said.Economics Times