Financial Daily from THE HINDU group of publications
Thursday, Apr 07, 2005

News
Features
Stocks
Port Info
Archives
Google

Group Sites

Markets - Regulatory Bodies & Rulings


SEBI fines Sterlite over pref allotment to Twinstar Holdings

Our Bureau

Mumbai , April 6

THE Securities and Exchange Board of India (SEBI) has levied a fine of Rs 1 lakh on Sterlite Industries in connection with the preferential allotment of shares to Twinstar Holdings.

Sterlite Industries made a preferential allotment of shares on January 31, 2000 in favour of the promoter group Twinstar Holdings. Following this, the shareholding of the promoter group of Twinstar increased from 30.77 per cent of the paid-up equity capital of Sterlite to 39.87 per cent, an increase of 9.10 per cent.

SEBI viewed this as a violation of the Takeover Code.

The fine is divided as Rs 20,000 for the non-compliance of the Substantial Acquisition of Shares and Takeovers Regulations and Rs 70,000 for the delay in complying with the provisions within the time specified in the regulation.

The order was passed by an adjudicating officer of SEBI.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page


Stories in this Section
Self regulatory body for brokers mooted


Abhimanyus of the financial markets
Narrow movement
United Western Bank gains ahead of board meet
Despite no assets and operations — Buyers flocking to SM Dyechem shares
NDTV up on diversification talk
Outlook may turn positive for BoB, OBC
SEBI fines Sterlite over pref allotment to Twinstar Holdings
Pivotals, small-cap stocks make gains
Gokaldas IPO subscribed 42 times


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line