Elantas Beck India and its promoter Elantas Gmbh have paid Rs 8.84 lakh to settle a case of alleged non-compliance of minimum 25 per cent public shareholding norms, with markets regulator Sebi.
It was alleged that the firm and its promoters did not meet the minimum 25 per cent public shareholding norms till June 3, 2013, as required under the rules. It allegedly complied with the regulation on March 4, 2014.
Markets watchdog, in June 2010, had asked all the listed companies to comply with this requirement in three years.
The Securities and Exchange Board of India (Sebi) had imposed various restrictions on the firm for its failure to comply with the norms within the mandated timeframe.
The restrictions included freezing the voting rights and corporate benefits of their promoters and directors and barring them from holding any new position on boards of listed entities.
In a settlement order, Sebi said it is disposing of the adjudication proceedings initiated against the company.
While further proceedings were going on, the company proposed to settle the case on payment of Rs 8.84 lakh.
Thereafter, Sebi's High Powered Advisory Committee on consent recommended the case for settlement on the payment of the amount.
This was also approved by Sebi's panel of whole-time members, following which the company remitted the amount.
