Securities and Exchange Board of India (SEBI) on recenlty said it has imposed a fine of Rs. 1 lakh on Bilcares CMD Mr. Mohan H Bhandari for failing to submit a mandatory report regarding his acquisition of company shares.
SEBI said between April 1, 2003 and September 5, 2003 Mr. Mohan H Bhandari acquired 5.60 lakh shares representing 17.6 per cent stake in the firm, which took his holding to 22.43 per cent from 5.37 per cent.
As per the norms, the acquirer is required report this to Indian stock market regulator SEBI within 21 days of the acquisition, which Mr. Mohan H Bhandari failed to do.
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