Disclosure lapses: SEBI levies fine on 2 entities

NewDelhi : Capital markets regulator Sebi on Wednesday imposed a penalty of Rs 30 lakh on two entities in a case pertaining to disclosure lapses in the matter of Sterling Green Woods Ltd. The regulator levied a fine of Rs 25 lakh on Anurag Agarwal and Paksh Developers Pvt Ltd, payable jointly and severally. In addition, Rs 2 lakh on Anurag Agarwal and Rs 1.50 lakh each on Paksh Developers and Agarwal, according to a Sebi order. The Securities and Exchange Board of India (Sebi) had conducted an investigation into alleged irregularity in the trading in the scrip of Sterling Green Woods Ltd (SGWL) for the period April to July 2009. In its order, the regulator noted that Securities Appellate Tribunal (SAT) vide an order dated March 2, 2022, have allowed the appeals filed by the entities and quashed the Sebi order. Further, the matter was remanded back to the Sebi for passing a fresh order on merits after giving an opportunity of personal hearing to the appellants. However, the entities have not cooperated with the proceedings and have deliberately delayed the adjudication proceedings by seeking repetitive extensions.