Markets regulator Sebi on Tuesday slapped fines totalling Rs 41 lakh on three entities for flouting regulatory norms in the matter of Alps Motor Finance Ltd.
The regulator imposed a fine of Rs 20 lakh on Brij Kishore Sabharwal, Rs 15 lakh on Himanshu Agarwal and Rs 6 lakh on Alps Motor Finance Ltd (AMFL).
The order came after Sebi carried out an investigation to ascertain possible misutilisation of proceeds of the preferential allotments made by AMFL.
Alps had made six preferential allotments during the period June-August 2013. The period of investigation was from June-August 2013.
In its probe, Sebi’s Adjudicating Officer Amit Kapoor said, “I note that the preferential allotment and disbursal of loans out of the proceeds of preferential issue took place during the tenure of the Noticees (Sabharwal and Agarwal) as directors, and that they were signatory of the bank account in which allotment proceeds were received and from which disbursal of loans was done.”
Therefore, Alps Motor
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Sebi slaps Rs 41 lakh fine on 3 entities for violating market norms (23-05-2023)
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