Markets regulator Sebi today settled a case related to alleged delay in disclosure compliance by SBEC Sugar Ltd after it paid Rs 9.5 lakh towards settlement charges.
The regulator agreed to settle the proposed adjudication proceedings after it was approached by SBEC Sugar with a plea under the settlement regulations.
Under the settlement norms, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.
It was alleged that company had violated PIT (Prohibition of Insider Trading) norms by delaying the disclosure of change in shareholding of promoters in Moderate Leasing and Capital Services Ltd, A to Z Holding Pvt Ltd and other entities.
Sebi's high powered advisory committee recommended the case for settlement on the payment of Rs 9,49,400. This was also approved by the regulator's panel of whole-time members, following which the firm remitted the amount last month.
"Accordingly, the proposed adjudication proceedings for the alleged default and the proceedings that could have been initiated for the defaults , are settled... and Sebi shall not initiate any enforcement action against the applicant for the said defaults," Sebi said in an order.
However, it added that enforcement actions, including restoring or initiating the proceedings, could be initiated if any representation made by the firm is found to be untrue.
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