Markets regulator Sebi on Tuesday imposed a penalty totalling more
than Rs 3 crore on three persons for insider trading activities in the shares
of United Spirits Ltd.
Markets regulator Sebi
on Tuesday imposed a penalty totalling more than Rs 3 crore on three persons
for insider trading activities in the shares of United Spirits Ltd.
The watchdog has slapped a fine of Rs 1.32 crore on Poonam Haresh Jashnani, Rs 93.24 lakh on Haresh Parmanand Jashnani and Rs 80.76 lakh on Varun Haresh Jashnani.
The watchdog has slapped a fine of Rs 1.32 crore on Poonam Haresh Jashnani, Rs 93.24 lakh on Haresh Parmanand Jashnani and Rs 80.76 lakh on Varun Haresh Jashnani.
An investigation
was carried out with respect to the scrip of United
Spirits Ltd (USL) for the period from January to April, 2014 as well as
into the possible violation of norms by these three persons.
Sebi found that
Jananis indulged in insider trading activity in USL shares on the basis of
information passed by Nishant Gupte, who was the global business development
manager (mergers and acquisitions) at Diageo.
He was in
possession of Unpublished Price Sensitive Information (UPSI) relating to the
open offer for acquisition of shares of United Spirits by Relay BV, together
with Diageo Plc as the person acting in concert.
Gupte, who is the
son-in-law of Haresh and Poonam and husband of Varun's sister, was part of the
core team which represented Diageo/PAC in the transaction to consolidate
shareholding of the acquirer in USL and was guiding the team since the
beginning of the transaction lifecycle.
In three separate
orders, Sebi said trades of Haresh, Varun and Poonam showed a strong
preponderance of probability that they were executed when they were in
possession of UPSI.
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