Markets regulator Sebi today settled with 12 former and current promoters of Jaykay Enterprises a matter related to alleged violation of takeover regulations after they paid Rs 18.75 lakh towards settlement. While the present promoters are Sushila Devi Singhania, Yadupati Singhania, Kalpana Singhania, Kavita Y Singhania, Manorama Devi Singhania, Nidhipati Singhania, Ramapati Singhania, Abhishek Singhania, Ajay Kumar Saraogi, J K Traders and Yadu International, the former promoter is Maya Devi Agarwal. The 12 entities had filed an application proposing to settle through a settlement order the delayed compliance of Regulation 3(1) of the SAST (Substantial Acquisition of Shares and Takeovers) norms, Sebi said in an order. Regulation 3(1) relates to making a public announcement of an open offer by the acquirer of shares in a firm, if the acquisition entitles the person to exercise 25 per cent or more of the voting rights in the company. The settlement terms proposed by the entities were considered by the regulator's High Powered Advisory Committee (HPAC), which recommended the case for settlement upon payment of Rs 18.75 lakh by them.
The recommendation of HPAC was also accepted by the panel of whole time members of Sebi. Last month, the 12 former and present promoters paid the settlement amount of Rs 18.75 lakh after which the Securities and Exchange Board of India (Sebi) settled "the proceedings that may be initiated" against them. The regulator said that if any representation made by the entities in the settlement proceedings is subsequently discovered to be untrue, enforcement actions can be taken against them.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)