INDIA: SEBI imposes penalty on Sanguine Media for breach of India major shareholding disclosure rules

Monday August 5 2013

It has been reported that the Securities and Exchange Board of India has imposed a Rs 650,000 penalty upon Sanguine Media for failing to comply with India major shareholdings disclosure rules.

The regulator had conducted a probe into the trading of shares of Sanguine Media for the period from April 1, 2009 to June 17, 2009 and observed that the company had made five disclosures to the Bombay Stock Exchange (BSE) per the requirements of Article 7 of the SEBI SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. Four of these disclosures were devoid of names of the acquirer/seller in them.

In addition, SEBI found that the company failed to make disclosures of pledged shares to the BSE as required under the rules and it was further observed that Sanguine Media had not made timely quarterly disclosures of its shareholding pattern to BSE.

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