Sebi fines Frontier Leasing Rs 50,000

Market regulator Sebi today imposed a fines of Rs 50,000 on Frontier Leasing and Finance for failing to make disclosures regarding change in its shareholding in another company within stipulated time.

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Market regulator Sebi today imposed a fines of Rs 50,000 on Frontier Leasing and Finance for failing to make disclosures regarding change in its shareholding in another company within stipulated time.

The company’s shareholding pattern changes on account of sale of shares on March 31,2003.

As per regulatory norms,acquisition or sale of shares in excess of two per cent of the company’s overall stake requires an entity to make a disclosure to the stock exchanges within two days of sale.

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In its order,Sebi alleged that Frontier Leasing and Finance Ltd (FLFL) along with other promoters were holding shares/voting rights in Subway Finance and Investment Company Ltd (SFICL) within the prescribed limits.

However,on March 31,2003,the entity sold 7,000 shares/voting rights translating to 2.86 per cent stake of Subway Finance and Investment Company to another promoter of the company as part of inter-se-transfer among promoters transactions.

FLFL was required to make disclosure regarding the sale and its aggregate shareholding in the company to the stock exchanges within two days of the sale.

Sebi observed that FIFL made disclosure after a delay of 2,808 days.

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