Shares of education solutions provider Educomp Solutions (ESL) on Wednesday fell 1.6% intra-day before closing with a fall of 0.9% at Rs 441, a day after the Securities and Exchange Board of India passed a consent order against promoter and director Shantanu Prakash in a case where he had transferred shares to his wife without disclosing it to market authorities as required under disclosure laws.
Under the consent order, Prakash has remitted a sum of Rs 3 lakh to SEBI towards settlement charges.
In the one-year old case, the regulator had alleged that Prakash had transferred 50,000 shares to his wife and had not disclosed the same according to regulations for which SEBI served a showcause notice to Prakash on May 14, 2010.
“In terms of the proposal of the noticee (Shantanu Prakash) for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the noticee to the findings of fact or conclusions of law, the noticee has remitted a sum of R300,000,” the order said.
Educomp Solutions declined to comment on the matter.