Sebi settles case with Emmpac Holdings

Markets regulator Sebi has settled a case related to alleged violation of takeover regulations with Emmpac Holdings after the firm paid Rs 2 lakh towards settlement.
The regulator had initiated adjudication proceedings against Emmpac Holdings Pvt Ltd (EHCL) for not complying with SAST (Substantial Acquisition of Shares and Takeover) Regulations, according to a Sebi order dated December 18.
Among others, EHCL had allegedly failed to make necessary disclosure regarding its shareholding in Emmsons International Ltd within the prescribed time frame following acquisition of the shares of the latter during the period between June, 2006 and March, 2007.
While the adjudication proceedings were pending, EHCL had filed an application for settlement of the matter.

The settlement terms offered by EHCL were considered by Sebi's High Powered Advisory Committee, which recommended the proceedings for settlement on payment of Rs 2 lakh by the firm. The panel of Whole Time Members of the regulator also approved the recommendation of HPAC.
Last month, EHCL paid the settlement amount of Rs 2 lakh following which the Securities and Exchange Board of India (Sebi) disposed of the adjudication proceedings.
However, the regulator said if any representation made by EHCL in the settlement proceedings is subsequently found to be untrue, enforcement actions including restoring the proceedings can be initiated against the firm.