Disclosure lapses: Sebi settles cases with 6 entities

Markets regulator Sebi today settled with six entities cases related to alleged disclosure lapses after they paid over Rs 17 lakh towards settlement.

According to separate Sebi orders, INEOS Styrolution Group GMBH paid Rs 11,14,932 to settle its case, while Salim Govani, Foresight Enterprises, Growsafe Securities and Indusage Advisors together paid Rs 3,55,712.

Besides, Gateway Leasing dished out Rs 2,49,563 to settle its case.

It was alleged that INEOS Styrolution Group GMBH had not complied with disclosures norms as required under SAST (Substantial Acquisition of Shares and Takeovers) Regulations and PIT (Prohibition of Insider Trading) Regulations.

Salim Govani, Foresight Enterprises, Growsafe Securities and Indusage Advisors and Gateway Leasing had made delayed disclosures and violated SAST Regulations.

All the entities had filed separate applications with the Securities and Exchange Board of India (Sebi) to settle their cases.

Sebi's High Powered Advisory Committee (HPAC) considered the settlement terms proposed by the entities and recommended the cases for settlement upon payment of Rs 11,14,932 by INEOS Styrolution Group GMBH and Rs 3,55,712 by Salim Govani, Foresight Enterprises, Growsafe Securities and Indusage Advisors.

Gateway Leasing was recommended to pay Rs 2,49,563.

The panel of Whole Time Members of Sebi also accepted the recommendations of the HPAC.

Earlier this month, the entities paid their respective settlement amounts following which Sebi settled the cases.

However, Sebi said if any representation made by the entities in the settlement proceedings is subsequently discovered to be untrue, it may take enforcement actions against them.