Now SEBI nails Raj Kundra and Shilpa Shetty IANS 29 July 2021
Kundra, Shetty and Viaan have been fined for a three-year delay in the disclosure of an allotment of preferential shares.
In 2015, Viaan Industries had made a preferential allotment of 500,000 equity shares. Of this 128,800 equity shares each were allotted to Kundra (referred to as Ripu Sudan Kundra) and Shetty, the promoters of the company.
According to SEBI's Prohibition of Insider Trading Rules, 2015, the promoters had to disclose this transaction to the company within two days if it exceeded Rs 10 lakh in value. The company, in turn, has to relay this disclosure to the stock exchanges within two trading days.