Market regulator Sebi has slapped a fine of Rs 2.5 lakh on erstwhile Women Networks Ltd for alleged delay in making disclosures regarding shareholding details to the bourses in a stipulated time-frame.
The Securities and Exchange Board of India (Sebi) said that Women Networks Ltd,(currently known as Pagaria Energy Ltd) had delayed in making the yearly disclosures to all the stock exchanges,on which its shares were listed,within the
timeline stipulated under the norms.
It also noted that the delay in filing such disclosures continued for 12 years. The disclosures for all the 12 years were made together on March 29,2010.
Consequently,the regulator has imposed “a penalty of Rs 2.5 lakh on Women Networks …for the delay in complying with the provisions of Sebi’s (Substantial Acquisition of Shares and Takeover) Regulations.”
According to Sebi’s norm,every firm is required to make disclosures regarding the change in respect of the stake of the persons holding 15 per cent and above and also holdings of the promoters or persons(s) having control over the firm to all the bourses,on which its shares are listed,within 30 days from the financial year ending March 31.