Businessmen Raj Kundra who is in custody for making pornographic films and his actress wife Shilpa Shetty are now in trouble with market regulator the Securities and Exchange Board of India (SEBI).

As per reports, a penalty of Rs 3 lakh has been imposed on the couple and their company Viaan Industries for contravening insider trading rules, and the fine has been imposed for a three-year delay in the disclosure of an allotment of preferential shares.

In 2015, Viaan Industries had made a preferential allotment of 500,000 equity shares and 128,800 equity shares each was allotted to Kundra (referred to as Ripu Sudan Kundra) and Shetty, the promoters of the company.

According to SEBI’s Prohibition of Insider Trading Rules, 2015, Kundra and Shetty did not disclose this transaction to the company within two days if it exceeded Rs 10 lakh in value which in this case was a transaction of Rs 2.57 crore each, and the disclosures pertaining to the 2015 transaction was only in 2019.

As of now, Shetty and Kundra have acknowledged the mistake and said it was not done with malafide intent.

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Former owner of Indian Premier League (IPL) franchise Rajasthan Royals and the United Kingdom based businessman Raj Kundra has been arrested by Mumbai Police’s Crime Branch for being the alleged “key conspirator”for producing pornographic films and pushing them through smartphone applications, reports Indian Express.

Raj Kundra is the husband of Bollywood actress Shilpa Shetty.

This porn racket came to light in February when the Property Cell of the Crime Branch had registered an FIR which then led to the arrestt of nine persons soon after and during interrogation, Kundra’s name is said to have come up .

Kundra was placed under arrest on July 19 for questioning and according to the Mumbai Police’s Commissioner, “We have sufficient evidences regarding this. The investigation is in progress.”

The Police have said that the Modus Operandi of this racket was to lure aspiring actresses into making pornographic films with the promises of being cast in web series.

Kundra’s name had also come up last year in a similar case registered by the Maharashtra Cyber Police, however, Kundra had filed for anticipatory bail, and the court is likely to decide on his plea next week.

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