Market regulator the Securities and Exchange Board of India (Sebi) has settled and passed consent in cases against three commpanies on payment of a total of Rs 7 lakh for their delay in disclosing details of their shareholding pattern in Uttam Galva Steels.
The cases against the three firms -- Kredence Multi Trading, Archisha Investments and Sainath Trading Company -- relates to their failure to adhere with Sebi's takeover norms.
The Sebi said in separate orders that the consent applications "are settled as per conset term and Sebi shall not initiate any enforcement action" against the applicants for the delay in compliance.
The companies had been charged with delay of up to 12 years in making the disclosures. The matter involving the three companies took place in late 1990s and early 2000s.
In the case of Kredence Multi Trading (formely Sanjug Trading Co) and Sainath Trading Company, the consent ordere were passed on payment of Rs 2 lakh each, while it was Rs 3 lakh in the case of Archisha.
All the three firms had made separate applications for settlement of the matter and the Sebi high powered advisory committee had recommended the same on payment of settlement charges.
In a consent order, the company or person pays the settlement fee without denying or admitting the charges.
World's largets steel maker ArcelorMittal holds over 33% stake in Uttam Galva. However, ArcelorMittal had purchased its stake in 2009 and 2010.
