The Securities and Exchange Board of India (Sebi) in an order dated April 23 has imposed "a penalty of Rs 3 lakh on E-Ally Consulting, Shree Jaisal Electronics & Industries, Sandeep Maloo, Neeta Maloo, Labh Chand Maloo, Lata Maloo, Sandeep Maloo HUF and Labh Chand Maloo HUF for violations of... SAST (Substantial Acquisition of Shares and Takeovers) Regulations 2011".
"The noticees shall be jointly and severally liable to pay the said monetary penalty," it added.
As per SAST norms, every entity along with persons acting in concert (PACs), who hold more than 25 per cent shares or voting rights, are required to file disclosures of their shareholding as on March 31 of every financial year to the company as well as the stock exchanges within 7 working days from the end of fiscal.
The entities had made the requisite disclosures about their shareholding as on March 31, 2012, with a delay of 15 days, the market regulator noted.
"The noticees were under obligation to make the required disclosures... Within the time limit prescribed under...SAST Regulations 2011, which they have failed to do," Sebi said.
An open offer was made by certain individuals to the shareholders of Tak Machinery & Leasing through a public announcement of March 15, 2013 for acquisition of 4,10,553 representing 29.14 per cent stake.
Sebi came across the alleged non-compliance by the firm's promoters while examining the offer document.
The entities were promoters of Tak Machinery & Leasing and also PACs.