Adjudication order in respect of Gilani Infra Pvt. Ltd. in the matter of Empower Industries Ltd.

Last updated: 29 September 2020
Quick Summary
Gilani Infra Private Limited has been fined ₹1,00,000 by the Securities and Exchange Board of India (SEBI) for failing to make timely disclosures regarding its shareholding in Empower Industries Limited. The company's stake crossed the 5% threshold, triggering mandatory disclosure requirements under SAST Regulations, which were not met within the stipulated two working days. While the company argued the violation was unintentional and technical, SEBI ruled that timely disclosure is a mandatory obligation for investor protection and market transparency.

Court :
SEBI

Brief :
UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995.

Citation :
ADJUDICATION ORDER NO. Order/BD/AB/2020-21/9220

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