Sebi passes consent order against Gove Investment

Market regulator Sebi has settled charges of delay in complying with 'Takeover Regulations' against Gove Investment and Finance Company after it paid more than Rs 16 lakh in settlement fees.
The Securities and Exchange Board of India said in its consent order of December 26 that it will not initiate any enforcement action against the company. The order will come into force immediately.
A consent order enables settling administrative or civil proceedings between the regulator and the party concerned.
The company had been charged with delay in filing the requisite annual information with regard to shareholding disclosures under the Sebi's Takeover Regulations for the period between 1998 and 2011.

Also, it was alleged that the company had made a delay in declaring dividends violating Takeover Regulations.
The company submitted a consent order application to Sebi in 2012, and proposed to pay Rs 16,12,500 towards settlement fees.

After that, the consent terms were placed before the High Powered Advisory Committee of Sebi. The committee recommended that the "case may be settled on payment of Rs 16,12,500".
Accordingly, the applicant has remitted the amount towards the settlement charge.
In a separate consent order, Sebi has settled charges pertaining to delay in complying with 'Takeover Regulations' against Narendra Investment Delhi Ltd after the firm paid Rs 6.34 lakh towards settlement charges.

The market watchdog said it would not initiate any enforcement action against the company.
The firm had allegedly delayed making the requisite annual disclosures about shareholding pattern between 1998 and 2011 violating compliance with Sebi's Takeover Regulations.