-
ALSO READ
SKM Egg Products Export (India) gets credit ratings for bank facilities
SKM withdraws its call for statewide bandh on Thursday
Sebi fines director of Acclaim Industries for violating insider trading norms
Paisalo Digital settles disclosure lapse case with Sebi, pays Rs 16 lakh
Sebi imposes Rs 17 lakh fine on four entities for violating market norms
-
SKM Egg Products Exports has settled with Sebi a case of alleged disclosure lapses by paying over Rs 15 lakh towards settlement charges.
The regulator had initiated adjudication proceedings against the egg exporter in December 2017 and sent a notice alleging that there was an off-market transfer of around 23 lakh shares of the company among the promoters between March 2010 and June 2010.
But the firm allegedly failed to make disclosures of transfer of shares under the Prohibition of Insider Trading provisions, Sebi said in an order on Thursday.
Further, managing director and a promoter sold shares of the firm on four occasions where the shares sold were more than 2 per cent of share capital of the company during July 2010.
However, it is alleged that SKM had not made any disclosure in this regard to the stock exchanges and thereby violated the Substantial Acquisition of Shares and Takeovers (SAST) and the PIT regulations, the regulator said.
While the proceedings were pending, SKM filed an application under the settlement mechanism.
The company in its meeting with the regulator's internal committee in December 2018 proposed to pay 15.10 lakh towards settlement charges.
The amount was approved by the panel of whole-time members of Sebi, the regulator said in the order.
SKM paid Rs 15.12 lakh towards settlement charges, following which the regulator has disposed of the proposed adjudication proceedings in respect of the applicant for the defaults.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU