Sebi slaps Rs 50 lakh fine on 23 entities for violating norms

The case pertains to Unisys giving financial assistance to preferential allottees and enabling those allottees to subscribe to and buy its own shares allotted to them on a preferential basis in March 2011.

The latest order came after Sebi conducted an investigation into the scrip of Unisys during January 2010 to November 2014 period.

It was found that the company and its promoters had played an integrated role in creating a fraudulent scheme, wherein, through several conduits, the allottees have been funded for subscribing to the preferential issue of Unisys.

They perpetrated fraud on investors by giving an impression of capital infusion through preferential allotment and therefore, limited the genuine capital infusion in the company and thus violated the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices), the order said.

In addition, the regulator noted that Unisys repetitively gave wrong quarterly shareholding pattern disclosures to stock exchanges.

For violation of the norms, the regulator slapped a fine of Rs 4 lakh on Unisys and a collective fine of Rs 46 lakh on Unisys and other 22 entities.

Meanwhile, in nine separate orders, Sebi imposed penalties amounting to Rs 46.5 lakh on seven entities over non-genuine trades in illiquid stock options segment of BSE.

The regulator slapped a fine of Rs 5 lakh each on Nasik Entertainment World Developers, Priti Raika, Dhanvat Rai Shah HUF, Vinod Kumar Kothari and Sons HUF, Sourabh Agarwal HUF, Kamal Kishor Maloo HUF, Om Prakash Banka HUF, Bina Gupta and Bina Kedia. A penalty of Rs 1.5 lakh was imposed on Ashok Kumar Rajgaria HUF.