Sadhna Broadcast case: Sebi bans Arshad Warsi, wife Maria Goretti from the securities market; actor fined Rs 5 lakh
Sadhna Broadcast case: The Securities and Exchange Board of India (Sebi) has barred actor Arshad Warsi, his wife Maria Goretti, and 57 others from being involved in securities markets for periods ranging from one to five years. The action comes following the actor and his wife's collaboration on videos posted on YouTube that prompted viewers to purchase shares of Sadhna Broadcast, the central agency said.
Arshad Warsi banned from securities market, fined Rs 5 lakh
Actor Arshad Warsi, best known for his work in films such as Munnabhai MBBS and Jolly LLB, has landed in trouble because of his role in the Sadhna Broadcast case. On May 29, Sebi imposed monetary penalties of Rs 5 lakh each on Warsi and his wife, Goretti. Moreover, they have been banned from the market for a year.
Further, the regulatory body has imposed financial penalties ranging from Rs 5 lakh to Rs 5 crore on 57 other parties. This includes the promoters of Sadhna Broadcast, which is now known as Crystal Business System Ltd.
Sebi further asked all 59 entities to return collective illegal profits of Rs 58.01 crore. An additional annual interest of 12 per cent will also be levied. This has to be paid jointly till the entire amount is sorted.
As per Sebi's findings, Arshad Warsi earned profits of Rs 41.70 lakh, while Maria Goretti made Rs 50.35 lakh from their actions.
About the Sadhna Broadcast case
In its detailed report, Sebi noted that the scheme was carried out in two stages. In the first one, promoter-associated entities conducted trades internally in a bid to increase the scrip price and create fake market activity. The transactions had an impact on pricing largely due to limited market liquidity. This gave the concerned parties an opportunity to boost the share value while utilising negligible trading resources.
After this, promotional content was broadcast on various YouTube channels. These videos projected SBL as a top-notch investment option and went hand-in-hand with the orchestrated market activities
Arshad Warsi and Maria Goretti married in 1996. They have two children. Goretti was a noted VJ. She also made a guest appearance in Rajat Kapoor's Raghu Romeo. Arshad Warsi, meanwhile, is gearing up for the release of Jolly LLB 3 and Welcome to the Jungle.
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