Noted businessman Raj Kundra and his wife and noted actress Shilpa Shetty, who was caught up in the making of adult films, received a big relief on Tuesday. Market regulator SEBI has disposed of judicial proceedings against Shilpa Shetty Kundra and Raj Kundra in a case related to alleged disclosure lapses. SEBI in its order issued on July 30 said that no disclosure under The SAST Regulations was required by them to change the shareholding of the notice recipients (both) and the allegation made in the Show Cause Notice (SCN) that they violated the SAST regulations is not inaction.

Earlier, SEBI had imposed a penalty on Viaan Industries Limited, Shilpa Shetty Kundra, and Ripu Sudan Kundra (Raj Kundra) for disclosure lapses and violation of Bhedia business rules. A total penalty of Rs 3 lakh was imposed on them. Shilpa and Ripu Sudan are promoters of Viaan Industries. Viaan Industries had made a preferential allocation of five lakh shares to four persons in October 2015. In addition, 1,28,800 (each) shares of Rs 2.57 crore (each) were allotted to Ripu and Shilpa.

SEBI had examined the transactions in shares of Viaan Industries (formerly Hindustan Safety Glass Industries Ltd.) from September 2013 to December 2015. Shilpa Shetty and Raj Kundra acquired a 25.75 percent stake in the company in March 2015 to become the promoters of Viaan Industries. The investigation further found that in October 2015, the company issued 5 lakh equity shares through preference allocation. These shares were issued to four persons, out of which 1,28,800 shares were given to both Shilpa and Raj.

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