Two companies — Abans Enterprises and PH Trading– have settled cases with Sebi on alleged lapses in disclosure requirements after paying a total of Rs 21.63 lakh. Abans Enterprises and PH Trading paid Rs 12.75 lakh and Rs 8.88 lakh, respectively towards settlement charges under the Sebi regulations. “Accordingly, the adjudication proceedings proposed to be initiated against the applicant (Abans Enterprises, PH Trading) for the alleged violation… are settled,” Sebi said in similar worded settlement orders dated April 12 adding that it would not initiate any enforcement action for the alleged defaults. The regulator had initiated adjudication proceedings against the two companies “for the delay in making disclosures as required under… Sebi (SAST) Regulations”.
Following this, the firms had offered to settle the cases on payment of charges.
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Thereafter, Sebi’s High Powered Advisory Committee recommended the case for settlement on the payment of the amount. This was also approved by Sebi’s panel of whole-time members, following which the companies remitted the amount.
Accordingly, Securities and Exchange Board of India (Sebi) has disposed of the adjudication proceedings initiated against the companies.
It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the companies is found to be untrue.