Sebi imposes Rs 3 lakh fine on Tak Machinery promoters

Capital market regulator Sebi has imposed Rs 3 lakh penalty on Tak Machinery & Leasing's eight promoter group entities for delay in filing disclosures with the company as well as stock exchanges.

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.


  • All the debates are glossing over the key question if children are eating healthy food

    For some time now, we have been strapped in noodle debates. First Maggie noodles and now our own swadeshi noodles that Baba Ramdev is making.


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Amita Sharma

Smart cities for the smart citizens

The 21st century has been spoken of as the urban ...

Zehra Naqvi

Baby and you

Every person who’s had a chance to be a parent ...

Bubbles Sabharwal

Women of the world, unite for a change

Last week I attended the Women in the World forum ...


William D. Green

Chairman & CEO, Accenture