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Abhijit Rajan, former Chairman and Managing Director of Gammon Infrastructure Projects Ltd, will have to pay a penalty of ₹1.09 crore, says SEBI in the final order.
Rajan was under SEBI’s scanner for allegedly trading in the scrip of Gammon Infra from August 1 to September 30, 2013, based on unpublished price sensitive information that he was privy to due to his position in the company about the termination of the shareholders' agreement between Gammon Infra and Simplex Infrastructures. In an interim order in July 2014, Rajan was restrained from buying, selling or dealing in securities and accessing the securities markets.
Wednesday’s order allows him to access the stock market again but he will have to pay up his ‘unlawful gains’ of ₹1.09 crore maintained in a bank escrow account.
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