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LKP Finance settles case with Sebi; pays over Rs 14 lakh

Press Trust of India  |  New Delhi 

company LKP Wednesday settled a Sebi probe into alleged violations of takeover norms and regulations after paying over Rs 14 lakh as settlement fee.

The regulator agreed to settle proposed adjudication proceedings in the matter of United Breweries (Holding) Ltd, pertaining to alleged violation of SAST (Substantial Acquisition of Shares and Takeover) regulation and PIT (Prohibition of Insider Trading) norms after it was approached by LKP with a plea under the settlement regulations.

Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.

"...the pending adjudicating proceedings initiated against the notice (LKP Finance).... is disposed of," the (Sebi) said in a settlement order passed on Wednesday.

While the adjudication proceedings were initiated in February 2016, the company had submitted an application for settlement of the proceedings on payment of settlement charges. Thereafter, the regulator's high-powered advisory committee recommended the case for settlement, which was also approved by Sebi's panel of whole-time members.

As per the order, the firm has remitted Rs 14.44 lakh and accordingly, the regulator has disposed of the adjudication proceedings initiated against LKP

It further said that enforcement actions, including reopening of the proceedings, could be initiated against the firm if any representation made by it is found to be untrue.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 17:30 IST