Capital market watchdog Sebi has settled a matter with Corporate Courier and Cargo Ltd after the company paid Rs 6.43 lakh settlement fee in a case related to non-compliance with takeover regulations.
Corporate Courier was required to make timely disclosures about its shareholding pattern to stock exchanges. Allegedly, it delayed making disclosures for the years 1997 to 2011.
Facing proceedings, the company had filed for settlement of the case for Rs 6.43 lakh under Sebi's consent order mechanism.
In an order dated July 21, Sebi said the "delayed compliance of the provisions of...The takeover regulations is settled according to the settlement terms and Sebi shall not initiate any enforcement action against the applicant for the said delayed compliance".
Under the consent mechanism, entities facing proceedings from Sebi, pay settlement charges, as also legal and administrative expenses, without admission or denial of guilt
The proposed settlement charges was accepted by High Powered Advisory Committee and the panel of the Sebi's whole time members following which Corporate Courier remitted the amount to the market regulator.
In a separate order dated July 21, Sebi has settled a case with Butterfly Agri products, a promoter group entity of Vivimed Labs, for a settlement fee of Rs 2 lakh in a case related to non-compliance with the regulator's rules on 'Issue of Capital and Disclosure Requirements'.
Sebi said in its consent order that "any anticipated proceedings with regard to...Non-compliance of ICDR Regulations, is settled" and the regulator "shall not initiate any enforcement action against the applicant for the said non-compliance".
The case relates to issue of convertible warrants by Vivimed Labs to certain promoters and non-promoter entities on preferential basis.
As per ICDR rules, the entire pre-preferential allotment shareholding of the allottees, if any, shall be locked-in from the relevant date up to a period of six months from the date of preferential allotment.
Butterfly Agri had allegedly sold some shares of the firm before the expiry of the lock-in period.
