SEBI, in its order, famous that the mixed shareholding of the couple in the preferential allotment was 0.02 per cent and modified to 0.01 per cent when considered in the context of particular person acquisition of shares by Shilpa Shetty Kundra and Raj Kundra. According to the regulator, the change of their shareholding after the preferential allotment is inside the limits prescribed below the guidelines and this variation in shareholding doesn’t warrant any disclosure by them. The regulator has disposed of the judicial proceedings initiated in opposition to the notices issued by the SCN in opposition to Ripu Sudan alias Kundra and Shilpa Shetty Kundra on April 26, 2021.
SEBI, in its order dated July 30, 2021, mentioned, “No disclosure was required by them under the SAST regulations for change in shareholding of notices (both)” and the allegation made in the present trigger discover (SCN) that They violated the SAST laws, which should not maintainable.
SCN was issued in 2021
As per the allotment of shares, it was alleged that Shilpa and Raj have undergone sure adjustments in the holding of the couple in the firm. However, Shilpa and Raj didn’t make the required disclosures inside the stipulated time interval. Due to which it has been determined to take motion in opposition to Kundra and SCN was issued to him in April, 2021.
It is price noting that the regulator had given this order after the investigation carried out throughout September 2013 to 2015, December. SEBI had initiated investigation of these entities for violation of ‘Insider buying and selling ban’ guidelines. In October 2015, Vian Industries had allotted 5 lakh shares to 4 individuals. Each of these was allotted 1,28,800 shares. Apart from this, Ripu turned the promoter of Vian Industries after Sudan and Shilpa obtained 25.75 % stake.