Markets regulator Sebi has settled with seven entities proceedings related to alleged disclosure lapses in the matter of Hubtown Ltd after they together paid over Rs 15 lakh towards settlement. The entities had filed an application to settle the 'proposed adjudication proceedings' related to alleged delay in making disclosures as required under SAST (Substantial Acquisition of Shares and Takeovers) regulations. The seven entities are Falguni V Shah, Kushal H Shah, Hemant M Shah, Vyomesh M Shah, Khilen V Shah, Rushank V Shah and Hemant M Shah (HUF), according to a Sebi order passed on October 11. 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 15,22,800.
This was accepted by the panel of whole time members of Sebi. Last month, the seven entities paid the settlement amount of Rs 15,22,800 and then the Securities and Exchange Board of India (Sebi) settled the proceedings. The regulator said if any representation made by the entities in the present settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencement of proceedings can be initiated against them.
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