Sebi slaps Rs 4 lakh fine on two promoters in Karur Packkagings case

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The regulator during the examination period found that K C Palanisamy and K C P Sivaraman had pledged 33 lakh shares and 8 lakh scrips of Karur Packkagings on February 19 and 21, 2015, respectively, Sebi said in an order.

Markets regulator Sebi imposed Rs 4 lakh fine on two promoters of Karur KC P Packkagings for disclosure lapses related to the pledging of shares.

The regulator during the examination period found that K C Palanisamy and K C P Sivaraman had pledged 33 lakh shares and 8 lakh scrips of Karur Packkagings on February 19 and 21, 2015, respectively, Sebi said in an order.

Under the SAST(Substantial Acquisition of shares and Takeovers) Regulations, the promoters were required to make necessary disclosures about the pledge details to both the company and the exchange within seven working days.

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However, the promoters disclosed the details after one-and-half years, thereby failing to disclose within seven days as required under SAST norms.

"True and timely disclosures are also an essential part of the proper functioning of the securities market and failure to do so results in preventing investors from taking well-informed decisions," said the regulator while imposing fine on the promoters.

In a separate order, Sebi today imposed a penalty of Rs 1 lakh on promoter Wisdom Global Enterprises for failing to make the disclosure regarding the acquisition of additional shares of Core Education and Technologies and thereby violating (PIT) Prohibition of Insider Trading norms.

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