[ By Bobby Anthony ]A fine of Rs 5 crore has been slapped by the Securities & Exchange Board of India (SEBI) on Gitanjali Gems, Mehul Choksi, and Dhanesh Sheth for violating listing norms as well as various other regulations.Sheth happens to be the executive director of Gitanjali Gems while fugitive absconder Mehul Choksi is its promoter and managing director.Incidentally, Choksi also happens...
A fine of Rs 5 crore has been slapped by the Securities & Exchange Board of India (SEBI) on Gitanjali Gems, Mehul Choksi, and Dhanesh Sheth for violating listing norms as well as various other regulations.
Sheth happens to be the executive director of Gitanjali Gems while fugitive absconder Mehul Choksi is its promoter and managing director.
Incidentally, Choksi also happens to be the maternal uncle of Punjab National Bank (PNB) fraud accused Nirav Modi, who allegedly defrauded the lender to the tune of Rs 14,000 crore and is currently held in a London jail.
The SEBI order has stated that Choksi and Sheth have committed repeated and serious defaults by not disclosing subsequent material events as well as information about material events.
The SEBI order has also stated that defaults by the noticees are blameworthy and serious considering the degree of responsibility bestowed upon them by the statute.