Sebi Tuesday imposed a total fine of Rs 21 lakh on Roofers Capital as well as its directors and promoters for failing to provide information sought by the markets regulator regarding the issuance of redeemable preference shares (RPS).
Sebi observed that the company had made an offer of RPS in the financial years 2009-10 and 2010-11 raising an amount of Rs 1.15 lakh from 11,551 allottees.
As the offer of RPS was "prima facie" in violations of relevant provisions of Sebi Act and Companies Act, the regulator had sent summons to the entities for providing information regarding audited accounts of the company and prospectus filed with RoC (Registrar of Companies) for the issuance of shares, among others.
However, the entities failed to furnish the requisite information despite the grant of series of extensions, the Securities and Exchange Board of India (Sebi) said.
"Any delay or hurdle in the investigation due to non-cooperation by any entity is detrimental to the interest of investors in securities market... and liable for a penalty under Sebi Act," the regulator noted.
Accordingly, the Sebi imposed a fine of Rs 5 lakh on Roofers Capital Management Ltd and Rs 2 lakh each on directors and promoters -- Khudiram South, Hirak Nath South, Jayanti Sounth, Saurovemoy Ghosh, Sukumar Bhatacharya, Aniruddha Ghosal, Sudhir Chandra Bera and Subhas Ghorai.
In a separate order, Sebi imposed a penalty of Rs 1 lakh on Amtek Auto's promoter Aisa International Pvt Ltd for shareholding disclosure lapses.
The regulator conducted a probe in the scrip of Amtek Auto from March to September 2015 to ascertain the violation of securities norms by Aisa International.
The probe found that Aisa International shareholding increased from 4.13 per cent to 5.63 per cent following the allotment of 35.5 lakh shares amounting to 1.5 per cent stake of Amtek Auto.
However, Aisa did not make disclosure to the BSE and made delayed disclosure to NSE about the increased shareholding thereby violating SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
Under the SAST norms, the company is required to make the disclosure within two working days.
In another order, Sebi fined Meritorious Reality Pvt Ltd Rs 6 lakh for not making timely disclosure to the company, Speciality Papers, as well as a stock exchange under SAST and PIT (Prohibition of Insider Trading) norms.
(With inputs from agencies.)