Now, SEBI has also initiated action against industrialist Raj Kundra, who is accused of making pornographic films.
Mumbai: SEBI has also initiated action against industrialist Raj Kundra, who is accused of making pornographic films. SEBI has imposed a fine of Rs 3 lakh on Raj Kundra, his actress wife Shilpa Shetty and Kundra’s Vivan Industries.
Alleged delay in providing information
According to sources, SEBI has taken preventive action against Shilpa Shetty and Raj Kundra under the Prevention of Insider Trading Rules. He has been accused of delaying in providing information about the preferential allotment. The duo has been given 45 days to pay the fine.
The details of the transaction were not given in time
As per the information received, shares worth Rs 2.57 crore were allotted in 2015. At the time there were more than a million shares worth, so disclosure was needed. According to the rules, Shilpa Shetty and Raj Kundra were required to disclose within two trading days after the transaction. But this was revealed in May 2019.
How Raj Kundra got into pornography business
Out of the total five lakh shares, 2.57 lakh shares were given to both. Both were given 1.28 lakh – 1.28 lakh preferred shares of the company. They have a 25.76-25.76 per cent stake in Vian Industries and a total stake of 51.51 per cent.