Markets regulator Sebi has settled cases related to alleged disclosure lapses with Anandam Enterprises after the firm paid Rs 4 lakh towards the settlement.
According to a Sebi order dated January 16, Anandam Enterprises had filed an application to settle the delayed compliances of disclosure norms as required under the SAST (Substantial Acquisition of Shares and Takeovers) Regulations with regard to transactions of Mangalam Cement and J K Cement shares.
The settlement terms proposed by the firm were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the cases for settlement upon payment of Rs 4 lakh by the company. The recommendation of HPAC was also accepted by the panel of Whole Time Members of the regulator.
Earlier this month, Anandam Enterprises paid Rs 4 lakh following which the Securities and Exchange Board of India (Sebi) settled the cases.
The regulator, however, said that if any representation made by the the firm in the present settlement proceedings is subsequently discovered to be untrue, enforcement actions can be initiated against the company.
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