ALSO READLoan fraud case: ED attaches Deccan Chronicle assets worth Rs 263 crore NSE to delist Deccan Chronicle, Koutons Retail, 17 others Srei convenes Deccan Chronicle EGM on March 20, proposes 5 new directors Srei to approach other lenders for Deccan Chronicle debt rejig Srei convenes Deccan Chronicle EGM, proposes appointment of 5 new directors
IDFC Bank has settled a probe by markets regulator Sebi into alleged violation of insider trading and share takeover norms for a payment of Rs 10.74 lakh towards settlement charges. Sebi agreed to settle proposed adjudication proceedings in the case, pertaining to dealings in shares of Deccan Chronicle Ltd, after it was approached by IDFC Bank Ltd with a plea under the settlement regulations "without admitting or denying the findings of fact and conclusion of law". "The adjudication proceedings proposed to be initiated against the applicant and the possible proceedings for the alleged violation... Are settled," Sebi said in a settlement order passed yesterday adding it would not initiate any enforcement action for the alleged defaults. IDFC Bank allegedly made delayed disclosure under the Prohibition of Insider Trading (PIT) Regulations.
Besides, the bank allegedly violated provisions of SAST (Substantial Acquisition of Shares and Takeovers) norms. Pending adjudication proceedings, IDFC Bank had offered to settle the case on payment of over Rs 10.74 lakh towards settlement charges. Thereafter, Sebi's High Powered Advisory Committee 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 bank remitted the amount. Accordingly, Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings initiated against the bank. It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the bank is found to be untrue.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)