The Securities and Exchange Board of India yesterday imposed a fine of more than Rs 1 crore on wind turbine maker Suzlon Energy for violating listing agreement norms.
A total fine of Rs 1.1 crore, including Rs 5 lakh on an official, has been imposed after the company failed to disclose price sensitive information as required under the listing regulations on "more than one occasion".
“I find that the investigation did not bring out the disproportionate gain or unfair advantages to the noticee and loss caused to investors as a result of non-disclosure of truncation of order. They failed to make the disclosure on more than one occasion, hence it can be said, it is repetitive in nature,” SEBI’s adjudicating officer Sahil Malik said in the order.
The notices in the case were sent to Tulsi R Tanti and Girish R Tanti, and Hemal A Kanuga.
The violations pertain to failure to make certain corporate announcements about orders received by the company. The regulator looked into announcements made during the period from April 1, 2006, to March 31, 2009.