3 firms settle non-disclosure cases with Sebi

Wilo Se, AVTIL Enterprise and Swallow Associates have settled cases with market regulator Sebi related to non-disclosure of shareholding information within the prescribed timeframe after paying a total of Rs 12 lakh as settlement fee.
It was alleged that AVTIL Enterprise (formerly known as Arun Varun Trade and Investment Ltd) failed to make disclosure under Sebi's SAST (Substantial Acquisition of Shares and Takeovers) Regulations for 7 years from 2005 to 2011, while Wilo Se did not make disclosure for the years 2012, 2013 and 2014 in the matter of MPF Systems.
Besides, Swallow Associates allegedly failed to make disclosure under Sebi's PIT (Prohibition of Insider Trading) regulation for the transaction executed in January, 2014 in the matter of KEC International.

In three similar-worded orders, Sebi said it is disposing of "the...Adjudication proceedings pending in respect of the applicant (three entities)".
The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against these three entities over the violation of regulations.
While proceedings against the entities were in progress, they had offered to settle the matter, without admitting or denying the findings of fact and conclusions of law, through a settlement order on payment of charges.
Thereafter, Sebi's High Powered Advisory Committee recommended the cases for settlement on the payment of the amount. This was also approved by Sebi's panel of whole-time members, following which Wilo Se remitted a little over Rs 2.97 lakh, AVTIL Enterprise (Rs 7.03 lakh) and Swallow Associates (Rs 2 lakh).

Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by these companies is found to be untrue.