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SEBI penalises Alacrity Securities for violation of takeover norms

In its order, SEBI said it is imposing a penalty of Rs. 3 lakh on Alacrity Securities, one of the promoters of Odyssey, for violation of the takeover regulations

May 06, 2013 4:02 IST | India Infoline News Service
Market regulator SEBI (Securities and Exchange Board of India) imposed a penalty of Rs. 3 lakh on a promoter entity of Odyssey Corporation for failing to disclose details about pledged shares of the company.

In its order, SEBI said it is imposing a penalty of Rs. 3 lakh on Alacrity Securities, one of the promoters of Odyssey, for violation of the takeover regulations.

The regulator said that Alacrity failed to make disclosure regarding pledge of shares.

SEBI said that Alacrity had violated takeover norms for failure to disclose pledged shares on two occasions in 2011.

According to the takeover norms, a promoter of a company has to within seven working days from the date of creation of pledge on shares held by him of that company inform the details of such pledge of shares to the concerned stock exchange and the company.

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