USL reaches settlement with Sebi in Pioneer Distilleries case

United Spirits Ltd (USL) has settled with Sebi a case of alleged takeover norms violations regarding share purchase in Pioneer Distilleries, according to an order.
The leading brewer, presently the promoter of Pioneer Distilleries, paid Rs 8.19 lakh towards settlement of the alleged default.
In February 2016, USL had sought to settle the proposed adjudication proceedings to be initiated by the regulator for alleged violation of provisions under the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Sebi's High Powered Advisory Committee, during its meeting in July, recommended the case for settlement upon payment of Rs 8,18,800 and the same was accepted by the panel of the whole time members of the regulator, the order said.

With USL paying the settlement amount, Sebi said it would not "initiate any enforcement action against the applicant for the... alleged default".
The order, passed on September 22, also said Sebi could initiate enforcement action if any representation made by the applicant in the present settlement proceedings is subsequently discovered to be untrue.
At the end of June this year, USL held 75 per cent stake in Pioneer Distilleries.