SEBI slapped a monetary penalty on Viaan Industries Ltd, Shilpa Shetty Kundra and Ripu Sudan Kundra who is also known as Raj Kundra’s compamy, for disclosure lapses and consequent violation of insider trading norms.
According to a SEBI order, a total fine of Rs 3 lakh has been imposed on them to be paid jointly and severally. Shilpa and Raj are the promoters of Viaan Industries. The order follows a probe conducted between September 2013 to December 2015 to ascertain a violation of prohibition of insider trading norms by the entities.
In October 2015, Viaan Industries made a preferential allotment of Rs 5 lakh equity shares to four persons and 1,28,800 lakh shares each, amounting to Rs 2.57 crore each, were allotted to Raj and Shilpa in the allotment.
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