Bollywood actress Shilpa Shetty who has been going through a tough period over the past few weeks with her husband’s arrest row got a major sigh of relief in connection with the SEBI proceedings reportedly.
Media reports are abuzz that the Securities and Exchange Board of India (SEBI) had felt that the shareholding process that took place in the firm was under the prescribed guidelines and hence there is no need of taking action against Shilpa Shetty and Raj Kundra.
Several media outlets have quoted a few officials from the Securities and Exchange Board of India (SEBI) saying that no regulations were violated and the disclosure lapses case would be disposed of.
The news development comes a week after reports claimed that the Securities and Exchange Board of India (SEBI) slapped a fine of Rs 3 lakh to Shilpa Shetty and Raj Kundra over the allegations of insider trading in Viaan industries.
It is said that the Viaan industries owned by Raj Kundra allotted 1,28,800 lakh shares to four people. But the transaction was not brought to the notice of SEBI and the requisite deposits were also not made.
As this goes against the guidelines of the Prohibition of Insider Trading (PIT) norms, the couple was slapped with a fine of Rs 3 each.
Finding fault with the couple for not disclosing the transaction to the concerned officials, the adjudicating officer, Suresh B Menon issued a notice to the couple.
It is known that British-Indian businessman Raj Kundra was arrested by the police over his alleged involvement in a racket that takes care of filming and publishing obscene content. Raj Kundra is said to be the key conspirator behind the racket.
After questioning him, the Mumbai Police [prodyuced him before a local court and the court sent him to police custody for one week. When he was produced in the court again, he was sent to judicial custody for two weeks.
Recently, Shilpa Shetty issued a statement on her husband’s arrest row and urged everyone to not believe fake news, and requested everyone to respect the privacy of her kids saying that her family is also subjected to trolling.
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