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15 entities settle case with Sebi, pay Rs 5.17 lakh

Press Trust of India  |  New Delhi 

Fifteen entities have settled a case related to alleged violation of disclosure norms with markets regulator after payment of Rs 5.17 lakh as settlement charges.

The entities had filed applications to settle the "proposed adjudication proceedings" related to alleged delay in making disclosure regarding increase in shareholding of one of the promoters -- Bhutoria Investment -- in the of as required under Takeover Regulations.


The settlement terms proposed by the entities were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 5,17,500 by the 15 entities.

The recommendation of HPAC was also accepted by the panel of whole-time members of

The entities are Abhay Transformers, Bhutoria Brothers, Bhutoria Investments, and Switchgears, Warehouse (merged with and Switchgears), Abhay Bhutoria HUF, Rajendra Bhutoria HUF, Hemlata Bhutoria, Rajendra Bhutoria, Sharad Bhutoria, Abhay Bhutoria, Rachna Bhutoria, Sadhna Bhutoria, Bhutoria and Rectifiers and Ladnum Agricultural Farms.

Last month, the entities paid the settlement amount of Rs 5,17,500 and accordingly, the Securities and Exchange Board of India (Sebi) settled the proceedings.

In an order passed on August 4, the regulator said that if any representation made by the entities in the settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing of proceedings can be initiated against them.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 07 2017. 19:57 IST
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