SUZLON’S COMPANY SECRETARY
WAS FINED BY SEBI FOR FAILURE TO MAKE SOME CORPORATE ANNOUNCEMENT AS PER LODR
SEBI FINES SUZLON FOR FAILURE TO DISCLOSE PRICE SENSITIVE
INFORMATION
Markets regulator
Securities and Exchange Board of India (Sebi) on Friday imposed a fine of Rs1.1 crore on wind
turbine maker Suzlon Energy Ltd for violating insider trading norms.
Suzlon Energy had
failed to disclose price sensitive information as required under Sebi’s listing
regulations on “more than one occasion”.
“I find that the
investigation did not bring out the disproportionate gain or unfair advantages
to the noticee and loss caused to investors as a result of non-disclosure of
truncation of order.
They failed to make the disclosure on more than one
occasion, hence it can be said, it is repetitive in nature,” Sebi’s
adjudicating officer Sahil Malik said in the order.
The notices in the
case were Suzlon Energy, its promoters Tulsi R. Tanti and Girish R. Tanti, and
Hemal A. Kanuga. Tulsi Tanti is chairman and managing director while Girish
Tanti is a director.
COMPANY SECRETARY CUM COMPLIANCE OFFICER FINED
Kanuga, who has been fined Rs5 lakh, is compliance
officer, according to the order.
According to information available on BSE, Kanuga is
currently company secretary.
FAILURE
TO INFORM SEBI AND MARKET SOME CORPORATE ANNOUNCEMENT
The violations
pertain to failure to make certain corporate announcements about orders
received by the company. The regulator looking into announcements made during
the period from 1 April 2006 to 31 March 2009.
“It was alleged that around
18.8% of the order received by Noticee 1 (Suzlon) and informed by way of
various corporate announcements were either not opted for by the clients or
were not executed. It was also alleged that no specific corporate announcement
was made by the noticees to inform stakeholders about the same,” Sebi noted.
This is a simply something disgusting. All defaulters are not taken to task. See Ratnamani Engineering Limited where in 1996 issued Bonus shares to Promoters Before Merger took place and also from Reserves of Company from merger Valuation ? From the funds of Company of Ratnamani Metals & Tubes Limited? Who cares for ? No supervising department in Ministry of Corporate Affairs? Registrar of Companies, Regional Director, and all other offices?
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What a wonderful management o f SEBI?Apparent. Like Jindal Iron and Steel Co Limited do not comply corporate governance , Sending the complaint , now , to registrar & transfer agent? Nothing to do with the facts??Ratnamani Engineering Limited Now Ratnamani Metals & Tubes Limited do not disclose Investors Grievances pending for more than 25 years> What they are for? To allow Fraud? Nothing more? Even in this game plan Registrar of Companies and Stock Exchanges are involved.
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