Markets regulator Sebi has settled a case with an employee of Cipla for alleged delay in making requisite disclosures regarding her shareholding in the company.
The watchdog has settled the matter with Ranjana Pathak, a designated employee of the company, on payment of Rs 3 lakh towards settlement charges, the Securities and Exchange Board of India (Sebi) said in a settlement order.
The regulator, during its preliminary examination, observed that there was a delay on the part of Pathak in making disclosure to the company under Sebi's PIT (Prohibition of Insider Trading) norms in respect of change in her shareholding in the scrip of Cipla.
Before proceeding further and initiating proceedings, Sebi issued a settlement notice to Pathak in June, intimating thereby that the proceedings may be settled and disposed of upon filing of a settlement application. Following this, Pathak approached Sebi to settle the case.
"The proposed proceedings that could have been initiated for the defaults...are settled qua the applicant (Pathak)," Sebi said
Sebi would not initiate any enforcement action against the applicant for the defaults.
The regulator noted that it would have the right to take enforcement actions if it finds that any representation made by the applicant is subsequently discovered to be untrue.
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