Mayfair Impex has settled a case with markets regulator Sebi about alleged violation of insider trading and share takeover norms for a payment of a little over Rs 5 lakh towards settlement charges.
"Accordingly, the proposed adjudication proceedings for the alleged defaults...of Mayfair Impex in the matter of Nile Ltd...are settled," Sebi said in a settlement order passed yesterday, adding that it would not initiate any enforcement action for the alleged defaults.
The company allegedly made delayed disclosure under the Prohibition of Insider Trading (PIT) regulations as well as SAST (Substantial Acquisition of Shares and Takeovers) norms.
In September 2016, the company had sought to settle the proposed adjudication proceedings for the alleged delay in making disclosures under PIT and SAST norms.
Sebi's High Powered Advisory Committee, during its meeting in July, recommended the case for settlement upon payment of Rs 5,07,750 and the same was accepted by the panel of the whole time members of the regulator, the order said.
After that, Mayfair Impex paid the settlement amounts and accordingly, Sebi has disposed of the proceedings against it.
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