Sebi disposes case against Shilpa Shetty, Raj Kundra
Market regulator Sebi has disposed of adjudication proceedings against actor Shilpa Shetty Kundra and her businessman husband Raj Kundra in a case related to alleged disclosure lapses.
image for illustrative purpose
New Delhi: Market regulator Sebi has disposed of adjudication proceedings against actor Shilpa Shetty Kundra and her businessman husband Raj Kundra in a case related to alleged disclosure lapses. It was alleged that the couple had violated the provisions of Sebi (Substantial Acquisition of Shares and Takeovers) Regulations) or SAST rules in the matter of Viaan Industries.
"The change in the shareholding of the noticees (couple) did not require any disclosures to be made by them in terms of SAST Regulations and the allegation levelled in the showcause notice (SCN) that noticees have violated the provisions of SAST Regulations is not sustainable," Sebi said in an order dated July 30.
The regulator had conducted an investigation into the dealings in the scrip of Viaan Industries (formerly known as Hindustan Safety Glass Industries Ltd), during the period September, 2013 to December, 2015.
Shilpa Shetty Kundra and Ripu Sudan Kundra, who is also known as Raj Kundra, became the promoters of Viaan Industries pursuant to their individual acquisition of 25.75 per cent shareholding in the company during the period March 2015. It was further observed that, in October 2015, the company came out with a preferential allotment of 5 lakh equity shares. The shares were allotted to four persons including the couple who were allotted 1,28,800 shares each in the preferential allotment made by the company.
