Chanakya Investments, five others settle cases with Sebi

Chanakya Investments and five other entities have paid a total of over Rs 13 lakh to Sebi as part of settlement related to alleged violation of disclosure norms.
In two separate orders dated August 4, Sebi settled the "proposed adjudication proceedings" related to delay in making disclosures under the SAST (Substantial Acquisition of Shares and Takeovers) Regulations against the firm and the five entities.
While the firm, which is presently known as Antariksh Industries, paid Rs 5,77,500 towards settlement, the five other entities -- Laser Shaving India, Laser Shaving Products, Malhotra Fincon, Malhotra International and Watco Engineering Company -- shelled out Rs 7,31,250.

They had filed separate applications with the Securities and Exchange Board of India (Sebi) under a settlement mechanism providing for settlement of cases without admitting or denying the charges.
The settlement terms proposed by the entities were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 5,77,500 by Chanakya Investments and Rs 7,31,250 by the five entities.
The recommendations of HPAC were also accepted by the panel of whole-time members of the regulator.
Last month, Chanakya Investments and the other entities paid the settlement amount and accordingly, Sebi disposed of the proposed adjudication proceedings.

However, Sebi said if any representation made by the firm and the five other entities in the settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing of proceedings can be initiated against them.