The problems of Raj Kundra and his wife Shilpa Shetty has once again escalated. Raj Kundra, who was arrested in a pornography case, and his wife Shilpa Shetty have now been charged with insider trading. A fine has also been imposed in the case. SEBI has slapped a fine of Rs 3 lakh on Raj Kundra and Shilpa Shetty's company Viaan Industries Limited for lack of disclosures and violation of inside trading rules.
As per the order issued by SEBI, a total fine of Rs 3 lakh has been imposed on them. They also have to jointly compensate. Shilpa Shetty and Raj Kundra are the promoters of Viaan Industries. This order of the regulator has been taken after the investigation conducted between September 2013 and December 2015.
What's the whole matter?
In October 2015, Viaan Industries had distributed 5 lakh shares to four people. Apart from this, Raj Kundra and Shilpa Shetty were allotted 1,28,800 shares (worth Rs 2.57 crore) each.The company was ordered to disclose in this regard. Because the value of the exchange was more than 10 lakh rupees. According to the rules, the disclosure was made with a delay of more than three years.