Sebi slaps Rs 3 lakh fine on promoter of Odyssey Corporation
Market regulator Sebi today imposed a penalty of Rs 3 lakh on a promoter entity of Odyssey Corporation for failing to disclose details about pledged shares of the company.business Updated: May 03, 2013 18:31 IST
Market regulator Sebi on Friday imposed a penalty of Rs 3 lakh on a promoter entity of Odyssey Corporation for failing to disclose details about pledged shares of the company.
In its order, the Securities and Exchange Board of India (Sebi) said it is slapping a "penalty of Rs 3 lakh" on Alacrity Securities, one of the promoters of Odyssey, for non-compliance with the disclosure norms.
Based on findings of its Investigation Report (IR), Sebi observed "that the noticee (Alacrity) has failed to make disclosure regarding pledge of shares".
Sebi said that Alacrity had violated takeover norms for failure to disclose pledged shares on two occasions in 2011.
As per the takeover norms, a promoter of a company has to within seven working days from the date of creation of pledge on shares held by him of that company, inform the details of such pledge of shares to the concerned stock exchange and the company.