Sebi settles case against Sital Leasing & Finance

Sebi has disposed of a case against Sital Leasing & Finance after the company made a payment of Rs 5.92 lakh

Market regulator Sebi has disposed of a case against Sital Leasing & Finance after the company made a payment of Rs 5.92 lakh to settle charges for alleged delay in making necessary disclosures.

Securities and Exchange Board of India (Sebi) said that the delayed compliance of the provisions of the regulations "is settled as per consent terms and Sebi shall not initiate any enforcement action against the applicant (Sital) for the said default".

In November, last year, Sital Leasing had approached the market regulator to settle any proceedings against it for failing to make requisite disclosures (for the years 1998 to 2010) about its shares within a stipulated time period given under the norms.

In this regard, the company offered to pay Rs 5.92 lakh as settlement under Sebi's consent order mechanism.

Subsequently, Sebi's High Powered Advisory Committee (HPAC) after considering the facts, recommended the case for settlement on payment of the amount.

The HPAC recommendations were also approved by panel of Sebi's whole time members.

On January 14, 2013, Sital Leasing remitted the amount towards settlement charges.

The consent order which was issued on February 7, noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the firm is found to be untrue.