GMM Pfaudler settles matter with Sebi

The market regulator had initiated the proceedings against the company for not making relevant disclosures within the stipulated time

Supplier of engineered equipment GMM Pfaudler has settled a case related to violation of disclosure norms with market regulator Sebi after payment of nearly Rs 12 lakh as consent settlement fee.

In an order, Sebi said it has settled the matter against GMM Pfaudler "without admitting or denying the guilt" on the part of the company.

"This consent/settlement order disposes of the adjudication proceedings pending in respect of the noticee" the Securities and Exchange Board of India (Sebi) said.

Sebi had initiated the proceedings against GMM Pfaudler for not making relevant disclosures within the stipulated time during the period 2002 to 2010.

Pending proceedings, GMM Pfaudler had offered to settle the matter on payment of Rs 11,92,125 under Sebi's consent order mechanism.

Under the mechanism, entities facing proceedings from Sebi, pay settlement charges as also legal and administrative expenses without admission or denial of guilt.

The proposed consent terms and settlement amount were approved by Sebi's High Powered Advisory Committee following which the company remitted the settlement amount on June 18.

According to Sebi, enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by GMM Pfaudler is found to be untrue.