Sebi penalises individual for not complying with summons in HAL case

Sebi fined Rajat Mishra Rs 20 lakh for disregarding summons related to HAL shares' market norms violation. Mishra must pay the penalty within 45 days. Adjudication proceedings commenced against him, followed by a show cause notice on May 8, 2024. \r

Sebi's Adjudicating Officer, Amar Navlani, cited Mishra's failure to provide information and appear before the Investigating Authority, impeding the investigation. Consequently, Mishra was penalized for flouting Sebi norms. In another order, Sebi imposed a Rs 7 lakh penalty on Majestic Auto Ltd for breaching disclosure rules. \r

Majestic Auto failed to obtain audit committee and shareholders' approval for related party transactions, violating LODR regulations.