SEBI discards disclosure lapses case against Raj Kundra and Shilpa Shetty: Report

Updated on Aug 04, 2021 06:21 PM IST  |  224K
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SEBI discards disclosure lapses case against Raj Kundra and Shilpa Shetty: Report (Image Credit: Shilpa Shetty Instagram)

On Wednesday, July 28, Markets regulator Securities and Exchange Board of India (SEBI) fined Shilpa Shetty Kundra, her husband Raj Kundra and Viaan industries for disclosure lapses and consequent violation of insider trading rules. Now, a new development has been brought to the fore. As per PTI, SEBI has disposed of adjudication proceedings against Shilpa Shetty and Raj Kundra.

According to the Times of India, SEBI in an order released on July 30 stated, "The change in the shareholding of the noticees (couple) did not require any disclosures to be made by them in terms of... SAST Regulations and the allegation levelled in the show cause notice (SCN) that noticees have violated the provisions of... SAST Regulations is not sustainable.” Previous report of the daily alleged that the elite couple were fined a sum of Rs 3 lakh for the alleged violation.

“It is on record that the relevant disclosures under the PIT Regulations were made by the Noticees with a delay of more than three years,” Sebi reportedly noted. Considering the facts and circumstances, Adjudicating officer Suresh B Menon in the order reportedly stated, “I hold that this case deserves imposition of monetary penalty upon the Noticees.”

Raj Kundra has been sent to a 14-day judicial custody for his alleged involvement in the creation and publication of adult films. During the investigation, CBI officials have already raided  the elite couple’s apartment, wherein both Raj and Shilpa were interrogated for about six-long hours. The business maverick, Raj Kundra moved the High Court claiming his arrest as ‘illegal’. Raj Kundra’s plea reportedly included the businessman claiming that the content on the alleged digital applications were ‘lascivious’ but do not contain any ‘explicit sexual act’.

ALSO READ| SEBI fines Shilpa Shetty, Raj Kundra and Viaan Industries in insider trading case: Reports


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