Markets regulator Sebi today imposed a penalty of Rs 10 lakh on Abhimanu Exports Ltd (AEL) for lapses in disclosure norms.
AEL had failed to make continual disclosures under SAST (Substantial Acquisition of Shares and Takeover) Regulations to the Delhi Stock Exchange during 1998-2009.
The disclosures were subsequently made by the firm in April 2010.
The firm had filed consent application in 2012 with the Securities and Exchange Board of India (Sebi) for the delay in making disclosures as required under the takeover regulations.
Under Sebi's consent mechanism, companies and individuals can seek to settle a case with the regulator after the payment of certain charges, without admission or denial of any wrongdoings.
However, the regulator had rejected the consent application and initiated adjudication proceedings against the firm.
"It is evident from the consent application filed by AEL that AEL had made delayed compliance for the years 1998 to 2009," Sebi said in an order.
"AEL has contravened the provisions of... Takeover regulations," it added.
Accordingly, the regulator has levied a fine of Rs 10 lakh on AEL.
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