2 cos settle cases with Sebi; payment Rs 8 lkh in fee

OnMobile Systems and Transcorp International have settled their cases with capital markets regulatory Sebi after paying Rs 8 lakh towards settlement fee.
The Securities and Exchange Board of India had initiated adjudication proceedings against OnMobile Systems over the violation of SAST (Substantial Acquisition of Shares and Takeovers) regulations.
It was alleged that OnMobile Systems had failed to make disclosures about the 26,12,943 shares it had sold.
In the matter of Transcorp International, the regulator had initiated adjudication proceedings against alleged violation of Sebi's (Issue of capital and Disclosure Requirements) Regulations.
Transcorp International had allegedly failed to adhere to the timeline to complete the bonus issue it had announced.

In two similar-worded orders, the regulator said it would "not initiate any enforcement action against the applicant for the said violation".

While proceedings against the companies were in progress, OnMobile Systems and Transcorp International had offered to settle the matter on payment of Rs 2 lakh and Rs 6 lakh respectively as settlement charges under Sebi's consent order mechanism.
Thereafter, Sebi's High Powered Advisory Committee on consent recommended the cases for settlement on the payment of the amount.
This was also approved by Sebi's panel of whole-time members, following which the companies remitted the amount.