Markets regulator Sebi has imposed a penalty of Rs 2 lakh on Orissa Minerals Development Co Ltd and two individuals for lapses in making timely disclosures about certain price sensitive information back in 2012.
The watchdog had conducted a probe into the alleged delayed disclosure of price sensitive information by OMDC to the stock exchanges for the July 2 to August 10, 2012 period.
The fine has been imposed on OMDC, Satish Chandra and Sucharita Das. Chandra and Das were Managing Director and Compliance Officer, respectively, at that time, according to an order.
It was found that there were delays in making disclosures in at least three instances, including about environmental clearance for Kolha Roida Iron & Manganese Ore Mining Project.
“… environment clearance in respect of Kolha Roida Iron & Manganese Ore Mining Project; Merger of Bisra Stone Lime Co. Ltd with the Company; Issue of bonus shares and Splitting of shares of the company were ‘price sensitive information’,” .
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