Sunshine Housecon Directors Convicted for SEBI Penalty Non-Payment

SEBI Special Court convicts three directors of Sunshine Housecon Ltd. for failing to pay Rs 1 crore penalty imposed for fraudulent IPO round-tripping.
Directors Chiranjit Mahanta, Sudip Nath, and Rajlaksmi Bhattacharjee fined Rs 1 crore, Rs 50 lakh, and Rs 50 lakh respectively with default imprisonment of six months.
Penalty was originally imposed in 2017 for company's role in Brooks Laboratories Ltd. IPO fraud involving Rs 8.25 crore siphoning.
Court rejected directors' defense of being mere employees and found them liable under Section 27 of SEBI Act for company's non-compliance.