Shilpa Shetty, Raj Kundra fined Rs 3 lakh by SEBI for insider trading

The Securities and Exchange Board of India SEBI on Wednesday imposed a penalty of Rs 3 lakh on Hungama 2 actor Shilpa Shetty Kundra her businessman husband Raj Kundra alias Ripu Sudan Kundra and their company Viaan Industries for violation of its Insider Trading rulesAs per the SEBI order the fine has been imposed on Kundra Shetty and their company for a delay of threeyear in the mandatory disclosure to stock exchanges The market regulator said the penalty has to be paid jointly and severally by Kundra and Shetty who are promoters of Viaan IndustriesSecurities and Exchange Board of India had conducted an investigation into the tradingdealings in the scrip of Viaan Industries Limited formerly known as Hindustan Safety Glass Industries Limited during the period September 01 2013 to December 23 2015 Pursuant to the investigations it was observed that Ripu Sudan Kundra Shilpa Shetty Kundra and Viaan Industries Ltd had allegedly violated the provisions of Regulations 72a and 72b of SEBI Prohibition of Insider Trading Regulations 2015 SEBI order saidThe SEBI order noted that in 2015 Viaan Industries made a preferential allotment of 5 lakh equity shares to four persons and in the said preferential allotment the company allotted 128800 equity shares each to its two promotersKundra and ShettyAs per Regulation 72 a of SEBIs Prohibition of Insider Trading Rules 2015 promoters of the company are required to disclose their transaction to the company within two days if the amount exceeded Rs 10 lakh following which the company has to relay the disclosure to the stock exchanges within two trading daysSEBI said the transaction value of Kundra and Shettys share was Rs 257 crore each however the final disclosures were made in May 2019 for the 2015 transactionThe market regulator further ordered the NoticeesKundra Shetty and their company to remitpay the penalty within 45 days of the receipt of the orderKundra was arrested by the police on July 19 along with 11 other people on charges related to the alleged creation of pornographic films He has been named as the key conspirator by the Mumbai Police which has slapped charges against him under Sections 420 cheating 34 common intention 292 and 293 related to obscene and indecent advertisements and displays of the Indian Penal Code IPC besides relevant sections of the IT Act and the Indecent Representation of Women Prohibition Act said the policeOn Sunday the police had informed that four employees of Kundra have turned witnesses against him in the pornography racket case increasing troubles for himOn Monday the Bombay High Court adjourned the hearing on Kundras bail plea till Thursday The court has also asked the investigating officer to remain present during the hearing in the pornography racket case The court has not given any interim relief to the businessmanKundra and his associate Ryan Thorpe have been sent to judicial custody for 14 daysOn Tuesday Mumbai Crime Branch said that actor Shilpa Shetty has also not been given a clean chit in the pornography racket case yet where her husband and businessman Raj Kundra is the prime accusedAccording to officials forensic auditors have been appointed to investigate the transactions in all the accounts of the people involved in the caseThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever