Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 40 lakh on ADF Foods' promoters Bhavesh Thakkar and Priyanka Thakkar and four others in a case related to insider trading. The order came after Sebi, based on an alert generated by NSE, conducted an investigation into the trading of scrip of ADF Foods for the period May 2016 to July 2016.
Pursuant to the investigation, the regulator observed that in May 2016, the discussion of the idea to undertake buyback or payment of the dividend was first tabled at a meeting.
ADF Foods manufactures and processes a wide range of canned, bottled and processed vegetables fruits and foods for the export and domestic markets.
