Three entities settle disclosure lapse cases with Sebi

Capital markets regulator Sebi today settled cases of disclosure lapses related to three separate entities after they paid more than Rs 6 lakh towards settlement charges.

According to three separate Sebi orders, the entities are Gagan Gases, Richa Maheshwary and Kiran Mittal. Maheshwary is a promoter of Gagan Gases.

The entities had filed applications to settle the "proposed adjudication proceedings" for the delayed compliance of disclosure norms as required under SAST (Substantial Acquisition of Shares and Takeover) Regulations and PIT (Prohibition of Insider Trading) Regulations.

The settlement terms proposed by them were considered by the regulator's High Powered Advisory Committee (HPAC). The committee recommended the cases for settlement on payment of Rs 2,00,658 by Gagan Gases, Rs 2,23,482 by Maheshwary and Rs 2 lakh by Mittal.

The recommendation of HPAC was also accepted by the panel of Whole Time Members of Sebi.

Last month, the three entities paid their respective settlement amounts following which the Securities and Exchange Board of India (Sebi) settled the proposed adjudication proceedings.

As per the orders, if any representation made by the entities in the present settlement proceedings is subsequently discovered to be untrue, Sebi would take enforcement actions against them.