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14-Jul2017

SEBI imposes Rs 12 lakh penalty on Kwality, five promoters

Markets regulator Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs 12 lakh on Kwality and its five promoters for allegedly violating disclosure norms. The promoters are Sanjay Dhingra, Gulshan Dhingra, Naresh Dhingra, Krishan Dhingra and Kanika Dhingra.

A probe conducted by the SEBI into share trading of Kwality between December 2009 and December 2011 found that there was a change in the number of promoters and their shareholdings for the quarter ended September 2011.

During the quarter, Kanika Dhingra was included in the promoter category and acquired 5.24 crore shares or 25.84 per cent of the total capital from other promoter and was required to disclose acquisition of shares to the company and to the stock exchanges under Substantial Acquisition of Shares and Takeovers (SAST) norms.

Kwality is amongst largest and fastest growing private dairy companies in India today with milk processing capacity of 3.4 Mn Litres /Day through its six state‐of‐the‐art plants strategically located close to key north markets.


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