Business Daily from THE HINDU group of publications
Tuesday, February 5, 2008
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Business Daily from THE HINDU group of publications Tuesday, February 5, 2008 |
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News Update as at 18.00 hrs (IST)
Markets SEBI imposes Rs 10 lakh fine on Greenfield Investment MUMBAI: Market regulator Securities and Exchange Board of India today imposed a fine of Rs 10 lakh on Mauritius-based Greenfield Investment for not complying with the summons issued by it seeking information regarding the investment company's dealings in DSQ Biotech shares. The adjudicating officer appointed by SEBI to inquire into the case noted in his ruling that company had committed several lapses in dealings of DSQ Biotech shares in 2000 like obtaining large quantity of shares through preferential allotment and transfe rring them to DSQ Holding, an associate company of DSQ Biotech, through off-market deals. Besides, the SEBI officer observed that the company "failed to furnish information regarding its source of funds while buying those shares, details of bank account s which raised doubts about the involvement of the company in the manipulation of DSQ Biotech shares." The order said that notice sent to office of the company in Mauritius remained undelivered. The adjudicating officer held that a fine of only Rs 10 lakh was imposed on the company, even though the SEBI Act provides for a fine of Rs 1 lakh per day subjec t to a maximum of Rs 1 crore for failure of an entity to respond to the notice by the regulator.-PTI
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