Markets regulator Securities and Exchange Board of India (Sebi) today slapped a monetary penalty on Shilpa Shetty Kundra, Ripu Sudan Kundra, who is also known as Raj Kundra, and Viaan Industries Ltd for disclosure lapses and consequent violation of insider trading rules.

A total fine of 3 lakh has been imposed on them to be paid jointly and severally, as per a Sebi order. Shilpa and Ripu are the promoters of Viaan Industries.

The Sebi notice follows an investigation held between September 2013- December 2015 to ascertain the violation of Prohibition of Insider Trading (PIT) norms by the entities.

In October 2015, Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons and 1,28,800 lakh shares each, amounting to 2.57 crore each, were allotted to Ripu and Shilpa in the allotment.

In this regard, they were required to make timely requisite disclosure to the company in terms of PIT norms since the transactions exceeded 10 lakh in value.

“It is on record that the relevant disclosures under the PIT Regulations were made by the Noticees with a delay of more than three years,” Sebi noted.

“Therefore, considering these facts and circumstances, I hold that this case deserves imposition of monetary penalty upon the Noticees,” said adjudicating officer Suresh B Menon in an order.

Notices refer to Viaan Industries, Shilpa Shetty Kundra and Ripu Sudan Kundra. Shilpa and Ripu are the promoters of the firm. Viaan Industries was formerly known as Hindustan Safety Glass Industries Ltd.

Earlier today, a city court rejected the bail plea of Raj Kundra, arrested in a case of alleged creation of pornographic films and publishing them through apps, after the prosecution contended the police probe was still on and his release at this juncture will derail the investigation.

On the other hand, Kundra’s lawyer made a forceful plea for bail in the court, saying his client was not a “terrorist” and pointed out that a charge-sheet has already been filed in the case which was registered in February.

The 45-year-old businessman was arrested on 19 July by Mumbai police’s crime branch after being charged under relevant sections of the Indian Penal Code, the Information Technology Act and the Indecent Representation of Women (Prohibition) Act.

This story has been published from a wire agency feed without modifications to the text.

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