Securities market regulator SEBI on Monday said it has settled an alleged case of takeover code violation with the budget passenger carrier SpiceJets Chairman Ajay Singh.
SEBI had earlier proposed to carry out adjudication proceedings against Singh for his failure to make disclosure under SEBI's substantial acquisition of shares and takeovers regulations, when he took control of the budget passenger carrier in 2015.
The securities market regulator's order issued on Monday disclosed that Singh paid Rs 2.02 lakh towards the settlement charges.
Accordingly, SEBI said that it will not conduct any adjudication proceedings against Singh for the alleged violation.
In certain cases, the regulations permit settlement prior to proceedings without admission or denial of any wrongdoing.
In early 2015, Singh had taken control of the airline that he had co-founded by acquiring Kalanithi Maran's controlling stake in SpiceJet.
--IANS
rv/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app