Genus Prime Infra has settled with Sebi a case regarding alleged disclosure lapses by paying nearly Rs 17 lakh as settlement charges.
While examining the letter of offer filed by two promoter group entities to acquire 26 per cent share capital in Genus Prime, the regulator observed certain non-compliances regarding disclosure norms and issued notice in May, 2017.
The notice alleged that the firm had not made yearly disclosures as required under SAST (Substantial Acquisition of Shares and Takeovers) regulations.
Besides, it was alleged that the company had made delayed disclosures under PIT (Prohibition of Insider Trading) norms regarding the purchase of shares in the firm by its promoter group entities.
It was also alleged that for the quarters ending December 2010 to December 2012, the firm wrongly included the shareholding of two promoter entities -- Vivekshil Dealers Private Ltd and Kailash Industries Ltd.
Also Read
By doing so, the firm allegedly violated SAST, PIT norms, the regulator said.
While the proceedings were pending, the company filed an application under the settlement mechanism in July 2017.
In March 2019, the Securities and Exchange Board of India (Sebi) informed the firm that the proceedings may be settled upon remittance of Rs 16.83 lakh as settlement amount within 15 days.
The company remitted Rs 16.83 lakh within the stipulated time, Sebi said.
Accordingly, Sebi disposed of the proceedings against Genus Prime Infra Ltd.
As per a separate settlement order, Johnson Controls Inc settled with Sebi a case of alleged violation of disclosure norms in the matter of Hitachi Home and Life Solutions by paying Rs 6.8 lakh as settlement amount.
Disclaimer: No Business Standard Journalist was involved in creation of this content
