Devkant Synthetics India today settled a case related to violation of capital market norms with Sebi after paying over Rs 4.5 lakh as settlement fee.
Sebi found that the company in December 2013 acquired more than 6 lakh shares of Arms Paper Ltd in an off-market transaction.
However, the firm did not make necessary disclosures to stock exchanges as required under the provision of Prohibition of Insider Trading (PIT) and Substantial Acquisition of Shares and Takeover (SAST) norms.
While further proceeding was underway, the company proposed to settle the case on payment of Rs 4,84,704.
Thereafter, Sebi's High Powered Advisory Committee on consent recommended the case for settlement on the payment of the amount.
This was also approved by Sebi's panel of whole-time members, following which the company remitted the amount.
Pursuant to a settlement under Sebi's consent mechanism, the market regulator in an order dated February 25 said it is disposing of "the adjudication proceedings initiated against the applicant (Devkant Synthetics).
