SEBI adjudicating officer penalizes eight promoters of Shubhlaxmi Jewel Art for violating takeover regulations.
Violation occurred due to a 5.82% increase in promoter holding via preferential allotment without an open offer.
A joint penalty of ₹10 lakh was imposed on all noticees for non-compliance with Regulation 3(2) of SAST Regulations.
The order was issued after considering submissions and a personal hearing for the noticees.