Two former promoters of refractory bricks manufacturer Raasi Refractories have settled with Sebi a case related to alleged disclosure lapses after paying over Rs 15 lakh towards settlement.
Ashok Kumar Agarwal and Sanjay Agarwal -- the two former promoters of Raasi Refractories -- had filed applications to settle the proposed adjudication proceedings for the delayed compliance with disclosure norms as required under the SAST (Substantial Acquisition of Shares and Takeover) Regulations, according to a Sebi order dated July 18.
The regulator's High Powered Advisory Committee (HPAC) considered the settlement terms proposed by the former promoters and recommended the case for settlement on payment of Rs 15.31 lakh by them.
The panel of whole time members of the Securities and Exchange Board of India (Sebi) also accepted the recommendation of the HPAC.
Last month, Ashok Kumar Agarwal and Sanjay Agarwal remitted the settlement amount, following which the regulator settled the proposed adjudication proceedings.
However, Sebi said if any representation made by the two individuals in the present settlement proceedings is subsequently discovered to be untrue, it would take enforcement actions against them.
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