Market regulator SEBI today imposed a total penalty of Rs 10 lakh on Hasti Finance Ltd (HFL) not complying with disclosures norms.The two separate orders mentioned. SEBI slapped the two big companies. IT fined HFL for Rs. 4 Lakhs.The other compay Sonal Nitin Somani fined for Rs. 6 Lakhs.
According to SEBI, the officials required to disclose purchase aggregating 2% or more of share capital. It was of Hasti Finance Ltd to the company.The concerned stock exchanges within two days of such purchase. “The noticees did not make the disclosures and therefore, failed to comply with Regulation…,”the regulator said. Besides, Sonal and Nitin Somani also delayed in making an open offer regarding acquisition of the company’s shares market, SEBI added.
In the case of the firm’s promoters, SEBI observed that prior to the open offer by Somani, the three promoters had purchased 54,351 shares which increased the shareholding of the promoter group including the persons acting in concert (PAC) by 2 per cent to 69.03 per cent. Fraud takes place in share market. However, it alleged that it did’nt make a public announcement. It failed to disclose the required norms. Therefore, the three promoters of the company subimmited acquisitioned document of shares made through market purchases. They were less than 5 percent. It did’nt required to make an open offer.
According to SEBI, the acquirer and PAC opened an offer to purchase the shares if the holding is 55% or more .But less than 75% shares of the company. However, the acquirer aquired the additional shares upto 5 percent in the company. It did’nt made an offer to purchase the shares in the stock exchanges.
Final Words regarding Hasti Finance Ltd Case
SEBI is one of the important regulatory body. It has the right to take important decisions against the company. So, the Securities Exchange Board of India has imposed a heavy fine on Hasti Finance Ltd. It imposed a fine of Rs. 10 Lakhs.
