Markets regulator Sebi has imposed a total fine of Rs 30 lakh on two promoters of Aadi Industries for failing to disclose the change in their shareholding in the firm.
Rushabh Jitendra Shah and Minesh Devendra Shah were promoter directors of the firm at the time of violation, as per Securities and Exchange Board of India (Sebi) order.
The regulator conducted an investigation from January 2013 to December 2014 regarding the transactions carried out by them.
During the probe, Sebi observed that Minesh executed off-market transactions and acquired more than 5 per cent of share capital of the company during each of the quarter period with effect from January 2012.
Besides, Rushabh Shah had executed various on-market and off-market transactions and on asking the BSE about the disclosures made by any of them, the exchange in a reply to regulator said that no disclosures were received from any entities during the examination period.
Under takeover norms and insider trading regulations, any ..
