The violations of insider trading norms happened in 2017.
Investigation in the scrip of Videocon was carried out between April-September 2017.
The information with respect to classification of Videocon’s loan account as NPA by Dena Bank was likely to materially affect the price of Videocon Industries and it was considered as UPSI.
The period of UPSI was March 1, 2017 to May 9, 2017.
The two promoter entities had either pledged their shares or transferred their shares of Videocon Industries to other entities during UPSI period. The authorised representative, Venugopal Dhoot was an insider and traded on behalf of the two promoter companies who were also insiders during the UPSI period.
For violation of market norms, they are facing a fine of Rs 25 lakh each.