Mumbai: Raj Kundra, who has been arrested in an alleged pornography case, received another setback as the Securities and Exchange Board of India imposed a penalty of Rs 3 lakhs on his wife Shilpa Shetty, him and his company Viaan Industries Ltdfor violating the rules of Insider Trading. According to a report in PTI, the markets regulator slapped penalty for disclosure lapses and violation of insider trading norms.
As per the SEBI order, the couple has been fined Rs 3 lakh, which has to be paid 'jointy and severally'. The report in the news agency stated that the order followed a probe, which was conducted between September 2013 to December 2015 to ascertain the violation of the norms of Prohibition of Insider Trading (PIT) by the said entities.
Full Report: Raj Kundra’s Bail Plea Rejected In Pornography Case
Viaan Industries Ltd made a preferential allotment of 1,28,800 lakh shares each, amounting to Rs 2.57 crore each to Shilpa Shetty and Raj Kundra. The couple was required to make mandatory disclosure to the company in terms of norms of PIT as the transactions were over Rs 10 lakh in value.
Earlier in the day, a magistrate court in Mumbai declined Raj Kundra's bail petition in an alleged adult films racket case. He will continue to stay in judicial custody till August 10, 2021.
The Crime Branch Cell of Mumbai Police had arrested Raj Kundra for allegedly producing and circulating pornographic material on mobile apps. He was booked under relevant sections of the IPC and the IT Act. He had filed a petition in the Bombay High Court, challenging his arrest and calling it 'illegal'.
A team of Crime Branch recorded Shilpa Shetty's statement as part of their investigation in the alleged pornography case. The officials quizzed the 'Dhadkan' actress for over six hours at her residence in Mumbai.
Watch this space for more updates!