Three cos settle case with Sebi on payment of fee

Three companies --Integra Engineering India, Taveta Properties and MIPCO Investments --have settled cases related to alleged non-compliance of takeover norms with market regulator Sebi after payment of a total of over Rs 6 lakh as settlement fee.
The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against Integra Engineering India formerly known as Schlafhorst Engineering (India) Ltd Taveta Properties, MIPCO Investments over their alleged failure to make timely disclosures to the stock exchanges, mandated under the takeover norms.
Pursuant to a settlement under Sebi's consent mechanism, the market regulator in similar-worded rulings today said it is disposing off "the... Adjudication proceedings pending in respect of the applicant (three companies).

While proceedings against these companies were in progress, Integra Engineering India had offered to settle the matter on payment of Rs 2 lakh as settlement charges under Sebi's consent order mechanism, while Taveta Properties and MIPCO Investments offered to settle the case on payment of Rs 2.12 lakh each.
Thereafter, Sebi's High Powered Advisory Committee on Consent after deliberations, recommended these cases for settlement on the payment of the amount.
This was also approved by Sebi's panel of whole time members, following which Integra Engineering India remitted an amount of Rs 2 lakh in February, while Taveta Properties and MIPCO Investments paid Rs 2.12 lakh each in January.

Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by these companies is found to be untrue.
Under the consent mechanism, entities can seek to settle cases with the regulator after payment of certain charges and and other expenses without admission of guilt.