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ABB India, the Indian arm of Swiss power equipment major ABB, has settled a case related to alleged non-compliance of takeover norms with market regulator Sebi after payment of Rs 3.69 lakh as consent settlement charges.
The Securities and Exchange Board of India (Sebi) has settled the matter with ABB India "without admission or denial of guilt" on the part of the firm.
In an consent order passed on November 21, Sebi said it is disposing of the adjudication proceedings initiated against ABB India.
Sebi had initiated the proceedings against ABB India Ltd (formerly known as ABB Ltd) to inquire into and adjudge the violations of certain provision of 'Substantial Acquisition of Shares and Takeovers Regulations' allegedly committed by the company.
As per the provision, a company is required to make yearly disclosures with regard to its shareholding pattern to all stock exchanges where it is listed, within 30 days from the financial year ending March 31.
Sebi had alleged in its show cause notice that ABB India failed to comply with the norms during the years 2001, 2002 and 2006.
Pending proceedings, ABB India had offered to settle the matter on payment of Rs 3,69,750 under Sebi's consent order mechanism.
The proposed consent terms and settlement amount were approved by Sebi's High Powered Advisory Committee (HPAC) as well as by the panel of whole time members of the market regulator. Following this ABB India remitted the settlement amount on October 11, 2013.
According to Sebi, enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by ABB India is found to be untrue.
