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SEBI Imposes Rs10 lakh Penalty on Karvy Financial Services Moneylife Digital Team 30 July 2021
Karvy Financial made public announcement for open offer with a delay of 81 days, in violation of Substantial Acquisition of Shares and Takeovers (SAST) norms.
SEBI’s investigation revealed that Karvy had extended a loan amount of Rs7 crore to Regaliaa whose promoters had pledged 55.56% of the paid-up share capital in favour of Karvy, in addition to the securities for availing the loan. Karvy invoked the pledge as the firm defaulted on payment of instalments. This took Karvy’s shareholding in the company to 55.56%, thereby breaching the threshold of 25% as stipulated under SAST norms. ....