Hitachi, Hitachi Appliances settle case with Sebi, pay Rs 6.80L

Hitachi Ltd and Hitachi Appliances Inc Friday settled a case related to alleged violation of takeover norms with markets regulator Sebi after paying Rs 6.80 lakh.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against the two firms in August 2017 for allegedly violating SAST (Substantial Acquisition of Shares and Takeover) Regulations, according to two separate but similarly worded orders.

The firms had submitted an application for settlement of the adjudication proceedings, following which they had a meeting with the internal committee of Sebi.

The settlement terms proposed by the companies were considered by the internal committee and placed before the regulator's High Powered Advisory Committee (HPAC).

The HPAC recommended the case for settlement on payment of Rs 6.80 lakh by the firms. This was also approved by the panel of Whole Time Members of Sebi.

Hitachi Ltd along with Hitachi Appliances, Inc remitted the settlement amount last month and accordingly, Sebi disposed of the adjudication proceedings intiated against the firms.

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