Rama Paper Mills' promoters today settled their case of alleged non-compliance of takeover norms with Sebi on payment of over Rs 21 lakh as settlement fee.
It was alleged that the promoters of Rama Paper Mills failed to make the compulsory open offer for the acquisition of 16.21 per cent shares in the company as per Sebi's takeover regulations.
While further proceedings were in progress, the promoters of the company proposed to settle the case upon payment of Rs 21.25 lakh towards settlement charges.
In a settlement order, the Securities and Exchange Board of India (Sebi) said it is disposing of the adjudication proceedings against the promoters.
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.
In a separate case, two former promoters of Tak Machinery & Leasing have settled their case of violation of disclosure norms with Sebi on payment of settlement fee.
Kasturi K Mahadevia and Manan K Mahadevia have paid Rs 4.95 lakh and Rs 2 lakh, respectively. The entities did not make necessary disclosures about their acquisition and sale of shares in Tak Machinery & Leasing.
