SEBI Fines ZEEL Promoter Cyquator Rs 4 Lakh for Disclosure Lapses on Pledged Shares

• Market regulator SEBI imposed a Rs 4 lakh penalty on Cyquator Media Services Pvt Ltd, a ZEEL promoter entity.
• The fine is for violations of takeover disclosure norms related to the pledge and invocation of promoter shares.
• Cyquator failed to disclose the creation of a pledge on 60.5 lakh ZEEL shares with Indiabulls Housing Finance Ltd in 2016.
• The entity also failed to disclose the invocation of this pledge in 2019, which led to the transfer and liquidation of 52.94 lakh shares.
• SEBI rejected Cyquator's defense of unawareness and delayed action, citing explicit pledge agreement terms and timely show-cause notice.