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SUN PHARMA ADVANCED RESEARCH COMPANY LTD. - Updates on Clarification from Sun Pharma Advanced Research Company Ltd
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02 Sep 2014
The Exchange had sought further clarification on September 1, 2014 with respect to the query first raised on August 28, 2014, Sun Pharma Advanced Research Company Ltd has replied to BSE as under:&lt;br/&gt;&lt;br/&gt;&quot;With reference to your email dated September 1, 2014 regarding &apos;Rumour Verification - August 28, 2014 - Sun Pharma Advanced Research Company Ltd&apos;, we hereby submit our reply as follows: &lt;br/&gt;&lt;br/&gt;On receipt of your email on the above subject, we verified the details with Virtuous Share Investments Private Limited (&quot;Virtuous&quot;), one of the promoter group entities of the Company, on August 28, 2014, and we were informed by them on August 28, 2014, that they had received Notice from SEBI in respect of failure in making disclosure required to be made under regulation 13(1) of the SEBI (Prohibition of Insider Trading) Regulations 1992 (&quot;PIT Regulations&quot;) for increase in shareholding above 5% in respect of equity shares acquired under the rights issue, and that they had made representations to SEBI in the matter. &lt;br/&gt; &lt;br/&gt;They had further informed us that necessary disclosures in Form D under regulation 13 (4A) of the PIT Regulations was made to the Stock Exchanges and to the Company for increase in their shareholding from 4.98% to 5.06% of the share capital of the Company pursuant to the allotment of equity shares acquired under the rights issue, however there was an inadvertent delay in disclosure to the Company in the Form A (which is similar to Form D) under regulation 13(1) of the PIT Regulations, and after various submissions made to SEBI by them, SEBI has imposed on them, a monetary penalty of Rs. 3,00,000/- by its adjudication order dated 27th August, 2014.&quot;
View all announcements for SUN PHARMA ADVANCED RESEARCH COMPANY LTD. Source: BSE India