Rakesh Jhunjhunwala paid Rs 9.5 crore to settle the matter. Apart from this, his wife Rekha Jhunjhunwala gave Rs 1.57 crore as settlement amount.
Relief in insider trading case. Rakesh Jhunjhanwala with his wife Rekha (File photo)
Well-known investor Rakesh Jhunjhunwala, popularly known as Big Bull in the stock market, his wife Rekha Jhunjhunwala and other persons have settled the insider trading case related to Aptech Limited shares by paying an amount of more than Rs 37 crores. The amount includes the wrongly earned amount along with settlement charges and interest.
In fact, according to two separate orders of the market regulator SEBI, the other eight persons who have disposed of the case are – Rajesh Kumar Jhunjhunwala, Sushila Devi Gupta, Sudha Gupta, Ushma Seth Sule, Utpal Sheth, Madhu Vadera Jayakumar, Chug Yoginder Pal. and Ramesh S Damani. These orders have come after disposal of applications from these individuals.
Had to pay an amount of 9.5 crores
The application had proposed to dispose of the matter, without admitting or denying the facts, through a disposal order of SEBI. In the case personally, Rakesh Jhunjhunwala paid Rs 9.5 crore as settlement amount. This includes payment of Rs 5.86 crore in lieu of wrongly availed profit along with interest of Rs 3.10 crore. Apart from this, his wife Rekha Jhunjhunwala gave Rs 1.57 crore as settlement amount.
Thinking about airlines too
Before this settlement, it was reported earlier this week that Rakesh Jhunjhunwala was considering investing big money in a new airline. According to sources, negotiations are going on with foreign investors for this scheme. According to sources, Rakesh Jhunjhunwala can invest about Rs 260 crore in this venture. The Times report, quoting aviation industry sources, said that Rakesh Jhunjhunwala and a foreign investor should be the initial talks to complete this plan. It’s over. This conversation has been led by Vinay Dubey, former CEO of Jet Airways. If all the talks are final, then another airline company can enter the country.
preparing to play big bets
Actually, Rakesh Jhunjhunwala is now considering playing a big bet on the airline. If this bet is successful, then Jhunjhunwala can get an equity holding of 40 percent in the new airline company. Apart from Rakesh Jhunjhanwala and a foreign investor, some veterans of the aviation industry are also involved in this entire scheme.
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