Who owns the Times Group?
SEBI has fined Samir and Meera Jain for not fully disclosing their ownership of two listed companies that hold shares in Bennett Coleman and Co. The Jains want you to think otherwise.
Why read this story?
Editor's note: On 28 March, the Securities and Exchange Board of India put out two similarly worded orders on two different companies that are listed on the Calcutta Stock Exchange. Both the orders fined and passed strictures against Samir Jain, the vice chairman and managing director of privately owned Bennett Coleman and Co. Ltd, better known as the Times Group. The SEBI orders were in respect of Camac Commercial and PNB Finance and Industries, which together own 21.59% of BCCL, the publisher of The Times of India. Apart from Samir Jain, the orders also fined his wife Meera and daughter Trishala and five other companies, primarily because they violated the securities market regulations in relation to listing agreements and made false disclosures about their overall stake in the two companies. SEBI has imposed a total penalty of Rs 2.82 crore each on Samir and Meera Jain and has also restrained them from accessing the securities market and prohibited them from buying and selling or otherwise dealing in securities (including units of mutual funds) until they resolve the issues raised. Trishala Jain faces …
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