ABB Norden Holding settles case with Sebi; pays Rs 15 lakh

ABB Norden Holding AB, a promoter of ABB India, has settled a case with market regulator Sebi after paying Rs 15 lakh.
The case relates to alleged non-compliance by the company with regard to takeover regulations.
With today's consent order, effective immediately, the Securities and Exchange Board of India (Sebi) has disposed of adjudication proceedings against ABB Norden Holding.
"In terms of the proposal of the noticee for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the noticee to the findings of fact or conclusions of law, the noticee has remitted a sum of Rs 15,00,250...," the order said.

ABB Norden Holding had submitted a consent application to Sebi in March 2013.
The consent terms were placed before the High Powered Advisory Committee on Consent (HPAC) in October 2013. After deliberations, the committee recommended the case for settlement on the consent terms proposed by the noticee which was approved by the panel of Whole Time Members of Sebi.

In December 2012, Sebi had initiated adjudication proceedings against ABB Norden Holding for alleged violations of takeover regulations.
As per the show cause notice issued in January 2013, it was alleged that the noticee had failed to comply with the provisions of takeover rules during 2005 and 2008.

ABB India is a leading power and automation technology player.