According to a recent press report SEBI settled the proceedings against Dena Bank in Alka Securities case. SEBI found Dena Bank transacting largely in the shares of Alka Securities during the period September 2008 and July 2009 based on sudden rise in price, trading volumes and off market transfers. In spite of selling large quantities in the scrip they failed to make mandatory disclosures under SEBI’s Prohibition of Insider Trading regulations.
SEBI observed that Dena Bank held 1,36,81,830 shares i.e.27.36 per cent stake in the company as on 4th September 2008 and sold its entire stake by November 4, 2008. Dena Bank put forward an application for consent order on September 17, 2010, when settlement proceedings in this case were going on.
The bank then quoted Rs 10 lakh towards settlement charges on December 22, 2010, the High Power Advisory Committee constituted by SEBI recommended the case for settlement on payment of Rs 10 lakh on March 14, which was communicated to the Bank by SEBI after a month. The bank remitted Rs 10 lakh without admission or denial of guilt, and SEBI disposed the settlement proceedings against Dena Bank immediately.
Dena Bank still performs smoothly with its smart loans such as personal loan, home loan, corporate loans etc on easy terms and attractive interest rates.