Ahmedabad-based realty firm Parshwanath Corporation has settled a case, related to alleged violation of capital market norms, with regulator Sebi after paying Rs 6 lakh.
According to an order dated December 6, the realty firm had filed an application to settle the "proposed adjudication proceedings" for the alleged violation of the Securities Contracts (Regulation) Rules.
The settlement terms proposed by Parshwanath Corporation were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 6 lakh. This was accepted by the panel of whole time members of Sebi.
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In October, the firm paid the settlement amount of Rs 6 lakh, following which the Securities and Exchange Board of India (Sebi) settled the proposed adjudication proceedings.
However, the regulator said if any representation made by Parshwanath Corporation in the present settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing proceedings can be initiated against it.
In a separate matter, Coflexip Stena Offshore settled a case, related to alleged disclosure lapses, with Sebi after paying Rs 2 lakh.
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