INDIA: SEBI drops India major shareholdings non-disclosure charges against company

Wednesday July 31 2013

The Securities and Exchange Board of India has released a Notice of Adjudication concerning charges against Raj Packaging Industries Limited of failing to make requisite disclosures about changes in its India major shareholdings pattern to stock exchanges.

Raj Packaging Industries (RPI) was required to make disclosure of Highline Finance Limited`s shareholding in the company to the relevant exchanges within two working days of its receipt, as per the SEBI (Prohibition of Insider Trading) Regulations 1992.

However, SEBI agreed with the submissions of RPI that as the company had not received the disclosure of change in shareholding from Highline Finance in the prescribed format it was therefore was not obligated to make the said disclosure to the applicable stock exchanges.

Please click on the above link for the SEBI Adjudication Order.