The Securities and Exchange Board of India has disposed of cases against Tech Mahindra and four of its employees for alleged violation of insider trading norms. The regulator disposed of the cases without imposing any penalty. SEBI, in its order on Wednesday, said it could not be established that these parties have violated norms of insider trading. The case against Tech Mahindra and its employees dated back to September 2013. The compliance officer of the information technology company had informed the regulator that four employees had sold shares above the threshold limit. SEBI then initiated adjudication proceedings against the company and its employees - N Mahesh, Puneet Virender, Syed Tanvir Hussain and Sanjeev Parida. Shares of Tech Mahindra closed flat (0.07 per cent higher) at ₹490.25 on the NSE.
The board of directors of Jagran Prakashan on Thursday decided to dispose of shares in non-operating wholly-owned subsidiary Naidunia Media to the erstwhile promoters of the latter Vinay Chhajlani from whom the shares were acquired in 2012. Subsequent to the disposal of shares of NML (immaterial subsidiary) having no business, revenue and assets, it would cease to be a subsidiary of the company. The stock of Jagran Prakashan gained 0.23 per cent at ₹172.20 on the NSE.
The QIP committee of Mercator on Thursday approved the closure of the issue. About 3.256 crore shares of face value ₹1 each are to be issued and allotted to eligible qualified institutional buyers in the QIP issue at ₹44.65 a share. The company has raised about ₹145 crore through the issue. Shares of Mercator closed 0.36 per cent lower at ₹41.75 on the NSE.