Jhunjhunwala, 9 Other Settle Aptech Insider Trading Case for Rs. 37 crores

Billionaire Indian investor Rakesh Jhunjhunwala, his wife Rekha, and eight others linked with an insider trading probe involving the stock of Aptech have settled the nearly five-year-old case by collectively paying the market regulator Rs. 37 crores. A lawyer for the investor said the move was aimed at preventing further litigation and didn’t amount to admission of guilt.

Jhunjhunwala brother Rajesh kumar, sister Sudha Gupta and month-in-law Sushiladevi Gupta are the other members of the billionaire family opting to settle the case with the Securities and Exchange Board of India (Sebi).

ET reported on February 6 this year that Jhunjhunwala, some other members of his family, and several board-level executives at Aptech had filed a settlement application with the markets regulator in the case.

Rakesh Jhunjhunwala and his wife Rekha paid Rs.18.5 crores and Rs. 3.2 crores, respectively. The Rs. 37 crores settlement amount includes disgorgement of gains and interest charges.

Utpal Sheth, CEO of Jhunjhunwala asset management firm Rare Enterprises, also settled the insider trading complaint. Utpal Sheth is a director of Aptech.

The probe relates to an Aptech filing with stock exchanges on September 7,2016, announcing the company’s entry into the preschool segment.  S-ET

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