Comments
For the first time ever, capital market regulator Securities and Exchange Board of India (SEBI) has imposed a term of civil imprisonment for a violation. Vinod Hingorani, Non-Executive Chairman of Adam Comsof and Kolar Biotech, was ordered to undergo six months’ civil imprisonment for failure to pay penalties of around ₹1.64 crore (including interest) levied under three SEBI notices from last July demanding payment.
Also, he did not appear in person when directed, in November 2014, and stated in a letter that he was Non-Executive Chairman of the companies and had no role. Hingorani further stated that he was an employee Director at Kolar Sharex Pvt Ltd and did not receive any monetary benefit.
He also said that his bank accounts had been frozen by SEBI and the Economic Offences Wing and had no movable or immovable property.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.