Kiri Industries, 2 promoters settle case with Sebi

Chemicals firm Kiri Industries and its two promoters have settled a case related to alleged disclosure lapses with markets regulator Sebi after paying nearly Rs 11 lakh towards the settlement.

The promoters are Manish Kiri and Anupama M Kiri.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against the three entities for allegedly violating disclosure norms under its regulations, including PIT (Prohibition of Insider Trading) and SAST (Substantial Acquisition of Shares and Takeover).

The firm and promoters had submitted applications with the regulator for settlement of the case, Sebi said in three separate orders.

The settlement terms as proposed by the three entities were considered by the regulator's High Powered Advisory Committee, which recommended the case for settlement on payment of Rs 5.90 lakh by Anupama M Kiri, Rs 2 lakh by Manish Kiri and Rs 2.89 lakh by Kiri Industries.

The recommendation of the committee was also approved by the panel of whole time members of Sebi.

Last month, the three entities paid their respective settlement amounts, following which Sebi disposed of the adjudication proceedings initiated against them.

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