NEW DELHI: Marketplaces regulator Sebi has imposed penalties totalling Rs 39 lakh on Kavveri Telecom Products Ltd and four men and women for a variety of violations, which include disclosure lapses.
The persons fined are C S Reddy, Uma Reddy, R H Kasturi and L Nicholas, as per an order.
An investigation was carried out into the shares of Kavveri Telecom Merchandise Ltd (KTPL) for the August 1, 2012 to November 5, 2012 interval.
It was observed that C S Reddy and R H Kasturi had traded in the shares of the company on September 5, 2012 while in possession of UPSI (Unpublished Price Delicate Information) and in the course of a investing window closure interval.
At that time, C S Reddy, R H Kasturi and Nicholas were being government administrators of the company.
According to the order, they unsuccessful to convey it to the know-how of the company’s board of administrators and did not choose any action in phrases of their powers/ obligation less than the model code of conduct.
Among others, Sebi stated that KTPL as perfectly as C S Reddy and Kasturi all through their directorship on various situations unsuccessful to make related disclosures.
“KTPL, Noticee 2 (C S Reddy) and Noticee 3 (R H Kasturi) have on many events unsuccessful to make related disclosures/ created delayed disclosures underneath PIT (Prohibition of Insider Trading) Restrictions, 1992 and SAST (Substantial Acquisition of Shares and Takeovers) Laws, 2011,” Securities and Trade Board of India (Sebi) said in the order, dated July 31.
C S Reddy, Uma Reddy and R H Kasturi are promoters of the firm.