Sebi settles 2 cases with 6 entities

Cases were against alleged violation of takeover norms

Sebi has reached settlement with six entities after they paid fee totalling nearly Rs 34 lakh in two separate cases of alleged violation of takeover norms.

Srinivasa Cystine (P) Ltd paid Rs 27.13 lakh towards settlement fee in the matter related to share purchase in Avanti Feeds back in March 2014.

In another case, five individuals together paid Rs 6.75 lakh towards settlement fee with regard to acquisition of shares in Dwitiya Trading through off market mode over a period in 2014.

The individuals who have reached the settlement with Sebi are Ashok Kundalia, Ashok Kundalia HUF, Preeti Kundalia, Ravi Kundalia and Sambhav Kundalia.

It was alleged that they had violated Sebi SAST (Substantial Acquisition of Shares and Takeovers) Regulations.

In two separate settlement orders dated February 27, Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings initiated against the six entities.

Enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the entities is found to be untrue, according to the orders.