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HYDERABAD :
The Securities and Exchange Board of India (SEBI) has imposed over Rs96 lakh penalty on Divi’s Laboratories’ Chief Financial officer (CFO) L Kishore Babu and his shut associates together with his son for allegedly indulging in insider buying and selling in 2017.
“Based on investigation conducted by SEBI, L Kishore Babu, Praveen Lingamneni, Nagesh Lingamaneni, Sri Lakshmi Lingamaneni, D Srinivasa Rao, Radhika Dronavalli, Gopichand Lingamaneni and Pushpa Latha Devi were identified as “insiders” who had, directly or indirectly, traded in the scrip during the Investigation Period,” SEBI mentioned in its order issued on July 1.
The market regulator alleged that Divi’s, a city-based pharma firm had made an announcement on July 10, 2017, throughout market hours that USFDA would raise import alert 99-32 on the corporate’s unit-II at Visakhapatnam, which was price- delicate info.
Kishore Babu who’s in a key managerial place allegedly had entry to the knowledge even earlier than the announcement was made public, the market regulator mentioned.
G Mahalingam, wholetime director of SEBI, who issued the orders mentioned the individuals or entities talked about could file their replies to the regulator inside 30 days from the date of receipt of this order.
They may point out of their replies whether or not they want to avail a possibility of private listening to within the matter.
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