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Our Bureau

Mumbai , Sept. 27

SEBI has slapped a penalty of Rs 5 lakh each on Mr Dilip Pendse, Ms Anuradha Pendse and Nalini Properties Ltd on charges of violating the provisions of SEBI Insider Trading Regulations.

Ms Anuradha Pendse and Nalini Properties Ltd had sold shares of Tata Finance Ltd (TFL) in March 2001 on the basis of unpublished price-sensitive information relating to the financial position of the company. Mr Dilip Pendse, Managing Director, TFL and husband of Ms Anuradha Pendse is alleged to have leaked price-sensitive information that TFL had suffered a loss of Rs 79.37 crore consequent to its investment in Nishkalp Investment and Trading Co Ltd.

"On the basis of this information provided by Dilip Pendse, Anuradha Pendse and Nalini Properties (of which Ms Anuradha Pendse is a director) sold around 40,000 shares of TFL at Rs 90 per share and made unjust profits on account of the said sale," said a SEBI order.

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