Twitter

Facebook

Youtube

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
  Rashtriya Sahara Roznama Sahara
SEBI slaps Rs 1 crore fine on Rana Kapoor for violating disclosure norms
Last Updated : 26 Sep 2020 01:37:40 AM IST
Yes Bank CEO Rana Kapoor
Yes Bank CEO Rana Kapoor

 

The Securities and Exchange Board of India on Friday imposed a fine of Rs 1 crore on former Yes Bank MD and CEO Rana Kapoor for violation of disclosure regulations regarding a transaction of Morgan Credits Pvt Ltd, an unlisted promoter entity of Yes Bank.

In view of the transaction by Morgan Credits Pvt Ltd of raising Rs 950 crore from Reliance Mutual Fund through unlisted Zero Coupon Non-Convertible Debentures on April 19, 2018, the SEBI undertook examination in the matter about the possible requirements of disclosure under its regulations, the order said.
 
The SEBI sought information from the BSE and thee NSE with respect to the aforesaid transaction and they informed that they had not received any disclosures under the LODR Regulations and the SAST Regulations from Yes Bank or its promoters regarding the aforesaid transaction by its promoter entity.
 
The SEBI also sought comments from the company, and was informed that "its promoter Morgan had raised Rs 950 crore from RMF, which was not in the nature of encumbrance of shares by promoters and thus, there has been no requirement of disclosures under the LODR Regulations and SAST Regulations".
 
"This is a case where by not disclosing the substantial material interest in the transaction to the Board of Directors of the Company, the noticee has created an opaque layer between him and stakeholders," said the order.
 
The SEBI imposed a consolidated monetary penalty of total Rs 1 crore on the noticee, Rana Kapoor, for the violations of Regulations 4(2)(f)(i)(1) and 4(2)(f)(i)(2) of the LODR Regulations, under section 15HB of the SEBI Act.
 



IANS
Mumbai
For Latest Updates Please-

Join us on

Follow us on


What binds the two most talked about nations - India and Pakistan together? What makes the

Bollywood actress Sonakshi Sinha is enjoying her marital bliss. On Monday, the actress too

LG Electronics Inc said on Wednesday that it will introduce new C with its artificial inte

 

Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live

172.31.16.186