Sebi settles case against promoters of Exedy India

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Sebi settles case against promoters of Exedy India. Sebi settles case against promoters of Exedy India.
SummaryCapital market regulator Sebi has disposed of a case against the promoter group of Exedy India.

Capital market regulator Sebi has disposed of a case against the promoter group of Exedy India, after the entities made a payment of Rs 5 lakh as settlement in a matter related to non-compliance of disclosure norms.

The matter was settled against 10 promoters of Exedy India which included -- Pradeep B Chinai, Pradeep B Chinai (HUF), Mahesh B Kothari, Nauka M Kothari, Irma P Chinai, Alisha P Chinai, Sona M Kothari, Twisha P Chinai, Saurabh M Kothari and Satin Engineering.

In an order dated December 5, the Securities and Exchange Board of India (Sebi) said as per the consent terms it "shall not initiate any enforcement action against the applicant (promoter group) for the said delay in compliance".

The regulator said the entities had admitted of not making the requisite disclosures regarding their shareholding in Exedy India for the years 1998, 1999, 2006 and 2008.

There was no change in the shareholding of the promoter group of the company for these years, Sebi said.

The entities further admitted that Pradeep Chinai (HUF) acquired 4.75 per cent of the stake in the company in 2007, but did not make the required disclosures.

As per Sebi, the promoters made an offer of Rs 5 lakh to settle the case under the regulator's consent order mechanism in February, 2012.

A High Powered Advisory Committee (HPAC) considered the consent terms and recommended the case for settlement on payment of the said amount, Sebi added.

The recommendation of HPAC were also approved by the panel of whole time members of Sebi.

The amount was remitted by the promoters in September this year.

Sebi has said the enforcement action against the entities would be initiated if any representation made by them is found to be untrue.

Exedy India is no longer listed with the BSE.

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