Sebi settles case against Talbros Engineering for Rs 2 lakh

Market watchdog Sebi has settled a case against Talbros Engineering for a payment of Rs 2 lakh through the consent mechanism, which allows entities to settle disputes by paying a sum of money without admission or denial of wrongdoing.
While passing the consent order on July 11, Securities and Exchange Board of India (Sebi) said it will not initiate any adjudication proceedings against the company regarding delay in compliance norms and this order will come into force immediately.
Market regulator had initiated adjudication proceedings against Talbros Engineering to inquire into the alleged violation of Sebi (Substantial Acquisition of Shares and Takeover) Regulations.

It found that there was a delay in filing annual shareholding disclosure norms during 1998, 2000 and 2001.
The company submitted a consent order application to Sebi in September last year. Following which, the company's representatives had a meeting with Sebi. Talbros Engineering proposed to pay Rs 2 lakh as settlement fee.
Under the consent mechanism, a company can settle an issue with the regulator after paying a penalty, without accepting or rejecting the charges against it.
After that, the consent terms were placed before the High Powered Advisory Committee of Sebi and the committee after deliberation "recommended that the case for settlement on payment of Rs 2 lakh towards settlement charges."

Consequently, the company remitted the amount towards the settlement charges.