Archana Software has settled a dispute of violation of takeover norms with capital markets regulator Sebi by paying an amount of more than Rs 5 lakh as settlement fee.
The company had allegedly failed to make requisite yearly disclosures for 2001-2011, within the prescribed time frame, as given under the capital market norms.
In a ruling today, Securities and Exchange Board of India (Sebi) said that "this settlement order disposes the said adjudication proceedings pending in respect of the applicant".
Subsequent to a show-cause-notice on the case, Archana Software had proposed to settle the case on payment of Rs 5,22,750 as settlement charges under Sebi consent order mechanism.
Under consent mechanism, entities can seek to settle cases with the regulator after payment of certain charges and and other expenses without admission of guilt.
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 recommendations were also accepted by the panel of whole time members of Sebi following which the company has remitted the amount to the market regulator.
As per Sebi consent order, the regulator could take enforcement actions including reopening of the pending proceedings against Archana Software, if any representation made by the company are discovered to be untrue.
