Sebi imposes Rs 10 mn fine on Manmohan Shetty for insider trading

MUMBAI: The Securities and Exchange Board of India (Sebi) has imposed a Rs 10 million fine on former Adlabs Films MD Manmohan Shetty for violating insider trading guidelines.

Shetty had violated the norms by selling off 1 million shares of the company before the 24-hour deadline after the decisions of the board meeting was to be made public. 

In an earlier reply to a show-cause notice issued by the regulator, Shetty had termed the sale as an "inadvertent error" without any "malafide intention".

The Adlabs board had met on 22 April 2006 to recommend dividend on equity shares for financial year 2005-06 and to consider the proposal of demerger of the company‘s FM radio business. The meeting was adjourned and later concluded on 23 April that was a Sunday.

The company informed the exchanges about the details of the board meeting, and these were relayed by the bourses shortly before 10 am on 24 April. Within 15 minutes after the information was flashed, Shetty sold 7.5 lakh shares of Adlabs. Later around 3.15 pm, he sold another 2.5 lakh shares.

While the total market volume was 18,39,171 shares, Shetty sold 10 lakh shares at an average price of Rs 402.60 per share on the BSE on 24 April, 2006.

According to the regulator, the rule barring insiders from trading in shares for 24 hours after a board meet is to allow the public to fully understand the information and prevent insiders from getting an ‘early mover advantage‘.

SEBI also noted that Shetty had not sold any share between 1 January and 23 April 2006.

Latest Reads
Zee Studio to premiere the post-apocalyptic horror drama - MAGGIE!

Zee Studio, the hollywood movie destination, brings the Indian television premiere of Maggie. Starring multi-award winner Arnold Schwarzenegger and Academy Award-nominee, Abigail Breslin, this post-apocalyptic drama premieres on 10 December 2017, Sunday at 12 noon and 9 pm.

Movies Hollywood
Demonetisation, decline in govt ads impact UFO Q2 numbers

BENGALURU: Indian digital cinema distribution network and in-cinema advertising platform UFO Moviez Ltd (UFO) reported a 12.8 percent year-on-year (y-o-y) decline in consolidated operating revenue for the quarter ended 30 September 2017 (Q2 FY 2017-18) as compared with the corresponding year ago...

Movies Movies On Mutiple Platforms
The modern day economics of film financing

Only 2 per cent of the total movies released in 2016 in the US were computer graphic (CG) animation, yet they grossed more than 21 per cent of the US box office collection. Strong animation brands have longer shelf-life and generate revenue for years.

Movies International
Bengali film Posto to premiere on Hoichoi before satellite TV

NEW DELHI: Digital Bengali entertainment content platform Hoichoi has acquired exclusive digital rights of this year’s most successful Bengali feature film Posto, ensuring it a world digital premiere today before a satellite TV premiere. This will provide Bengali moviemakers a robust additional...

Movies Regional
PVR acquires minority stake in US luxury theatre chain

PVR Ltd (PVR) will acquire a minority stake in US-based luxury restaurant and theatre iPic-Gold Class Entertainment (iPic).

Movies Hindi
Eros reports higher profit margin despite fewer releases

BENGALURU: Sunil Lulla-led Eros International Media Limited (Eros) reported 21 per cent margin (on operating income) for consolidated profit after tax (PAT) for the quarter ended 30 September 2017 (Q2 FY 2017-18) as compared with 12.8 per cent margin for the corresponding quarter a last ago. The...

Movies Hindi
Inox reports increase in revenue, profits for second quarter

BENGALURU: Indian cinema chain Inox Leisure Limited (Inox) has reported improved revenue and net profit after tax (PAT) for the quarter ended 30 September 2017 (Q2-18, current quarter) as compared to the corresponding quarter of the previous year (Q2-17, year ago quarter). Inox revenue from...

Movies Hindi
1700 films received on ending violence against women film contest

NEW DELHI: Around 1700 entries from over 600 colleges have come in response to a campaign launchged earlier this year for two-minute films on generating debate and promote positive change in cultural and social norms around the value of women in India. The campaign ‘#BasAbBahutHogaya – Enough is...

Movies Hindi
Reduce GST on film industry, IMPPA pleads to FM Jaitley

NEW DELHI: The Indian Motion Pictures Producers Association (IMPPA) has urged the government to fix 5 per cent as the maximum GST rate that should be charged on all goods and services connected with the entertainment industry including entertainment tax.

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories