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Saturday, April 04, 2015
Sebi slaps Rs 30 cr fine on PVP Ventures, its director
[Editor: ......but I feel it will be of no use, as this unscrupulous CMD, will siphon the same fund from PVP Ventures Ltd creating further problems for the shareholders. SEBI should have some other mechanism to stall this wanton loot. Now, while PVP Ventures Ltd has performed very badly in the bourses (and also in terms of Balance sheet) even in this raging BULL Market; in between PVP Square Mall came up in Vijayawada funded by some of the promoters of PVP Ventures Ltd. Doesn't it look a bit strange?]
The Securities and Exchange Board of India (Sebi), in its order, has imposed a penalty of Rs 15.15 crore each on PVP Global Ventures (formerly known as PVP Energy) and Potluri. PVP Global Ventures, a wholly owned subsidiary of PVP Ventures, and Potluri (who is also Chairman and Managing Director of PVP Ventures) indulged in insider trading activities.
It was alleged that Potluri had traded in the scrip of PVP Ventures on behalf of PVP Global Ventures, while in possession of Unpublished Price Sensitive Information (UPSI) pertaining to negative financial results. PVP Global Ventures failed to make disclosure regarding sale of more than two percent stake in PVP Ventures to the company and stock exchanges within two days of transaction, thereby violating SAST (Substantial Acquisition of Shares and Takeovers) Regulation. Potluri, in charge and responsible for the conduct of PVP Global Ventures, failed to get the company to make disclosure regarding the transaction.
In a separate order, Sebi has slapped a total fine of Rs 8 lakh on nine entities --Jagat Mohan Aggarwal and Bharat Bhushan Agarwal, Pradeep Aggarwal, Ram Piari, Ajay Kumar Goel, Kiran Goel, Saru Aggarwal, Suchita Aggarwal and Bharat Bhushan Aggarwal- HUF--for violating Takeover Regulations in the matter of Pioneer Agro Extracts Ltd .