11 promoter group entities of Dynacons Tech settle disclosure lapse case with Sebi

Eleven promoter group entities of Dynacons Technologies including Dynacons Systems & Solutions have settled a case with Sebi related to alleged disclosure lapses after paying Rs 22.28 lakh towards settlement charges.

The other 10 promoter group entities are Shirish M Anjaria HUF, Parag J Dalal, Devangi Parag Dalal, Hasumati Dalal, Jigan D Anjaria, Parag J Dalal, Nilam S Anjaria, Trigen Infosolutions, Dharmesh S Anjaria and Shrish M Anjaria.

In separate orders, the Securities and Exchange Board of India (Sebi) said the settlement orders dispose of the adjudication proceedings against the entities.

The regulator initiated adjudication proceedings after it was observed that an individual named Arun Govil in August 2014 made a public announcement to acquire over 2 crore shares through an open offer, representing 26 per cent shares of the company.

Pursuant to the announcement, Sebi observed that the promoter group had not disclosed the annual declaration in prescribed format in respect of the shares held by them in Dynacons Technologies for financial year 2013 and 2014.

Under SAST (Substantial Acquisition of Shares and Takeovers) norms, the promoters along with persons acting in concert (PAC), need to disclose their aggregate shareholding as on March 31 of an year within next seven working days to exchanges and the company.

While proceedings were in progress, the promoter group applied to settle the case under settlement mechanism without denial or admission of guilt.

Thereafter, the 11 promoter group entities paid a total amount of Rs 22.28 lakh as settlement charges, the regulator said.

Sebi said enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by them is found untrue.