Elevator Builders settles case with Sebi, pays over Rs 9 lakh

By: |
November 19, 2020 6:25 PM

Elevator Builders had acquired shares representing 5.86 per cent of the total shareholding of Negotium in April 2015. It sold shares representing 4.33 per cent shareholding of the company in October 2016 and made delayed disclosures regarding the transactions, in alleged violation of market norms.

"The proceedings that may have been initiated for the defaults ...be settled qua the applicant," Sebi said in a settlement order passed on Wednesday."The proceedings that may have been initiated for the defaults ...be settled qua the applicant," Sebi said in a settlement order passed on Wednesday.

Elevator Builders Pvt Ltd has settled with markets regulator Sebi a case of alleged violation of market norms with respect to change in its shareholding in Negotium International Trade Ltd, by paying over Rs 9 lakh towards settlement charges.

Elevator Builders had acquired shares representing 5.86 per cent of the total shareholding of Negotium in April 2015. It sold shares representing 4.33 per cent shareholding of the company in October 2016 and made delayed disclosures regarding the transactions, in alleged violation of market norms.

The firm filed a settlement application with the regulator proposing to settle the case without admitting or denying the guilt. The applicant had a meeting with the internal committee of Sebi in January 2020 to deliberate upon the settlement terms.

The high-powered advisory committee of Sebi considered the proposed settlement terms and recommended the case for settlement upon the payment of Rs 9.39 lakh. The firm paid Rs 9.52 lakh in June 2020 that included the interest for delay in making the payment in view of the COVID-19 pandemic.

“The proceedings that may have been initiated for the defaults …be settled qua the applicant,” Sebi said in a settlement order passed on Wednesday.

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