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UP: Rs 70 lakh fine on Regency Hospital, directors

UP: Rs 70 lakh fine on Regency Hospital, directors

Uttar Pradesh: Sebi has slapped a total penalty of Rs 70 lakh on Uttar Pradesh-based Regency Hospital as well as its two promoters for fraudulent trading in the company’s shares.

In two separate orders issued on Friday, Sebi imposed fine of Rs 15 lakh on Regency Hospital, and Rs 25 lakh each on Managing Director  Atul Kapoor and Whole Time Director Rashmi Kapoor.

Additionally, Rs 5 lakh was imposed on Regency for failing to disclose to the exchange about information received from its promoters regarding their pledged securities. The watchdog examined the movement of the scrip during the period from

April to September 2011. Subsequently, it was found that the firm and the directors along with other connected entities executed synchronised trades, reversal trades and self-trades among themselves, resulting in artificial volumes.

“Noticees employed and induced the services of the connected entities to trade among themselves to show an appearance of volume in the market by also executing structured, synchronised, reversal and self-trades to show artificial volume.

“This was also coupled with the impact on traded prices by executing first trades for the day so as to set the price for trading day, contributing the price rise in the scrip,” regulator said.

The noticees are Regency Hospital and the two directors.

Source: PTI
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  1. Regency hospital is a fraudulent hospital with patient care too…just because of the old fame and huge infrastructure they fool around with patient care very easily..Russia passed doctors with no MCI registration are duty doctors in regency hospital including the ICU …patient’s are charged Rs 50,000 per day as ICU charge excluding oxygen and medicine plus other charges & patients are taken care by quacks (non medical council of india registered doctors) …and health department has no time to take care of this ….shameless health care system of Uttar Pradesh …