Capital market regulator Sebi has imposed a total penalty of Rs 18 lakh on Mapro Industries and its seven erstwhile promoters for failing to make necessary disclosures within the prescribed time frame.
In a recent order, the Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 4 lakh on Mapro Industries, a company listed on the BSE.
It has also slapped Rs 2 lakh fine each on its former promoters -- Alok Wires Private Ltd, Mebags Investment Services, Gopal Krishan Somani, Gopal Krishan Somani (HUF), Sanjay Somani, Sanjay Somani (HUF) and Shruti Somani.
As per norms, Mapro failed to make yearly disclosures regarding its shareholding pattern to stock exchanges in 2005, 2007, 2009 and 2011 within stipulated time.
Similarly, the Mapro promoters did not file relevant disclosures with respect to their stakes in the company for the financial year ended March 31, 2012, within the permitted time frame.
"As a listed company and as promoters of the listed company, the noticees had a responsibility to comply with the disclosure requirements in accordance with their spirit, intention and purpose," Sebi said in the order.
"Non-compliance/ delayed compliance with disclosure requirements by a listed company and/ or its promoters undermines the regulatory objectives and jeopardises the achievement of the underlying policy goals," it added.
The market regulator came across the violation upon examination of a letter of offer by certain entities to acquire 26% stake of Mapro.