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The companies, listed on Calcutta Stock Exchange, have been directed to disclose details about their promoters. Sebi said the entities “have jointly and maliciously misrepresented the company to be a professionally run company having no promoter”.
The Securities and Exchange Board of India has imposed fines amounting to Rs 35.67 crore on PNB Finance and Industries, Camac Commercial Co. and other entities including Samir Jain, Vice-Chairman and MD of Bennett Coleman and Co. Ltd (BCCL), and Meera Jain in a case related to minimum shareholding norms.
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Samir and Meera Jain have also been barred from the securities market and restrained from holding any key managerial position or associating with any listed public company. These restrictions will be in place till the two companies comply with minimum public shareholding requirements under Sebi norms, according to two separate orders issued by the market regulator. Listed companies are required to have at least 25 per cent public shareholding.
An email sent to BCCL seeking comment did not elicit a response.
According to Sebi, the two companies did not make adequate disclosures about promoter entities. The companies, listed on Calcutta Stock Exchange, have been directed to disclose details about their promoters. Sebi said the entities “have jointly and maliciously misrepresented the company to be a professionally run company having no promoter”. With PTI
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