Markets regulator Sebi has agreed to settle a case with Jayneer Capital related to alleged violations of disclosure norms on payment of Rs 8.61 lakh as a settlement fee.
It was alleged that the company violated Sebi's (Substantial Acquisition of Shares and Takeovers) norms by making delayed disclosure with regard to change in shareholding pattern in Shirpur Gold Refineries Ltd.
After finding that Jayneer Capital violated norms, Sebi had initiated adjudication proceedings. While further proceedings were underway, the firm proposed to settle the proceedings through the settlement mechanism upon payment of Rs 8.61 lakh as settlement fee.
Thereafter, Sebi's High Powered Advisory Committee (HPAC) recommended that the matter may be settled on the payment of the amount offered. This was also approved by the panel of whole-time members of Sebi, following which the company remitted the amount on January 2.
In a settlement order, the Securities and Exchange Board of India (Sebi) has decided to dispose of the adjudication proceedings initiated against Jayneer Capital.
Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the firm is found to be untrue.
Under the settlement mechanism, entities can seek to settle cases with the regulator after payment of certain charges and other expenses.
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