While passing the consent order on July 11, Securities and Exchange Board of India (Sebi) said it will not initiate any adjudication proceedings against the company regarding delay in compliance norms and this order will come into force immediately.
Market regulator had initiated adjudication proceedings against Talbros Engineering to inquire into the alleged violation of Sebi (Substantial Acquisition of Shares and Takeover) Regulations.
The company submitted a consent order application to Sebi in September last year. Following which, the company's representatives had a meeting with Sebi. Talbros Engineering proposed to pay Rs 2 lakh as settlement fee.
Under the consent mechanism, a company can settle an issue with the regulator after paying a penalty, without accepting or rejecting the charges against it.
After that, the consent terms were placed before the High Powered Advisory Committee of Sebi and the committee after deliberation "recommended that the case for settlement on payment of Rs 2 lakh towards settlement charges."