Sebi settles disclosure violation case with Count N Denier

Sebi has settled a case against Count N Denier after the company made a payment of little over Rs 7 lakh as settlement fee in a case related to delay in compliance with the market regulator's disclosure norms.
Count N Denier was charged with delay in filing necessary information from 1997 to 2011, as required under the takeover regulations.
In its order dated September 12, Securities and Exchange Board of India (Sebi) has settled the case under the consent mechanism norms wherein the regulator would not initiate any enforcement action against the firm for the alleged default.
Under the consent mechanism, entities can seek to settle cases with the market regulator after payment of certain charges and other expenses without admission of guilt.

Earlier this year, Count N Denier had proposed to pay Rs 7,09,750 as consent terms, to settle adjudication proceedings against it for the delayed compliance with disclosure norms.
Thereafter Sebi's High Powered Advisory Committee (HPAC) considered and recommended that the case can be settled on payment of the proposed amount.
The HPAC recommendation were also accepted by a panel of Sebi's wholetime members following which the company remitted the amount on in August, 2014.
However, Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by Count N Denier is found to be untrue.