Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 5 lakh on Unitech’s executive director Sanjay Chandra and its promoter Mayfair Capital for disclosure lapses with regard to change in their shareholding in the company. The regulator has fined the promoters for violating Prohibition of Insider Trading (PIT) regulations.
Sebi also noted that two promoter entities, Prakausali Investments India and Mayfair Investments, amalgamated and formed Mayfair Capital in 2013, however during the investigation period they existed as separate entities.
Unitech is engaged in real estate activities. The company is engaged in developing/constructing residential and commercial properties in India and selling the immovable properties to customers.