Securities Exchange Board of India slaps fine of Rs. 42 lacs on Abhishek Mehta who was the Managing Director and promoter of Acclaim Industries in 2012. In an order, the regulator said it conducted a probe from January to December 2012 regarding the change in the shareholding of Mehta after the company’s board principally approved the proposal of merger of the firm with Database Software Technology Pvt Ltd (DSTPL) in January 2012
The merger was cancelled in February, however the company did not inform the exchange about this cancellation. Inspite of having the sensitive information about the cancellation of merger, Managing Director went ahead and informed the stock exchanges in the month of August about the meeting to fix the swap ratio.
In the mean time he went on reducing his shareholding at the higher prices. Abhishek Mehta resigned from the company in 2014. This is classic case of how the Company promoters of listed companies use the Unpublished Sensitive information in their favor. Now not associated with any company, Rajesh Mehta was found to be associated with certain companies in Past.
|Company||Designation||Appointment Date||Cessation Date|
|RAMMAICA INDIA LIMITED||Additional Director||30 June 2011||16 March 2013|
|GAGANN POLYPLAST LIMITED||Director||16 December 2008||15 March 2013|
|ANERI INDUSTRIES LIMITED||Director||11 December 2008||15 March 2013|
|KIL INFRASTRUCTURES LIMITED||Director||02 November 2010||29 June 2016|
|TIEN TRADING PRIVATE LIMITED||Director||06 February 2010||16 March 2013|
|ZELTZIN TRADING PRIVATE LIMITED||Director||06 February 2010||16 March 2013|
|ABHI-MAN TELE-COM LIMITED||Director||01 June 2000||06 May 2008|
|VRB CAPITAL SERVICES INDIA PRIVATELIMITED||Additional Director||23 March 2011||15 March 2013|
|KYNER INFOTECH VENTURES PRIVATE LIMITED||Director||06 February 2010||16 March 2013|