Fifteen entities have settled a case related to alleged violation of disclosure norms with markets regulator Sebi after payment of Rs 5.17 lakh as settlement charges.
The entities had filed applications to settle the "proposed adjudication proceedings" related to alleged delay in making disclosure regarding increase in shareholding of one of the promoters -- Bhutoria Investment -- in the shares of RTS Power Corporation as required under Takeover Regulations.
The settlement terms proposed by the entities were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 5,17,500 by the 15 entities.
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The recommendation of HPAC was also accepted by the panel of whole-time members of Sebi.
The entities are Abhay Transformers, Bhutoria Brothers, Bhutoria Investments, Rajasthan Transformers and Switchgears, Howrah Warehouse (merged with Rajasthan Transformers and Switchgears), Abhay Bhutoria HUF, Rajendra Bhutoria HUF, Hemlata Bhutoria, Rajendra Bhutoria, Sharad Bhutoria, Abhay Bhutoria, Rachna Bhutoria, Sadhna Bhutoria, Bhutoria Transformers and Rectifiers and Ladnum Agricultural Farms.
Last month, the entities paid the settlement amount of Rs 5,17,500 and accordingly, the Securities and Exchange Board of India (Sebi) settled the proceedings.
In an order passed on August 4, the regulator said that if any representation made by the entities in the settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing of proceedings can be initiated against them.
Disclaimer: No Business Standard Journalist was involved in creation of this content
