Market regulator Sebi has settled a case related to Foseco India Ltd with eight firms for alleged violation of various capital market norms after they paid a total of Rs 68.63 lakh.
Market regulator SEBI has settled a case related to Foseco India Ltd with eight firms for alleged violation of various capital market norms after they paid a total of Rs 68.63 lakh.
Of the eight companies, Vesuvius Holdings Ltd, Foseco Overseas Ltd and Foseco (UK) Ltd are the present promoters of Foseco India Ltd.
Rest five are Cookson Overseas Ltd, Karibu Ltd, Foseco Ltd, Foseco Holding Ltd and Foseco (Jersey) Ltd.
The eight companies had allegedly failed to comply with certain requirements under takeover as well as insider trading regulations in the case related to Foseco India, according to the Sebi order dated November 10.
Following the proposal of the firms to settle the matterthe regulator's High Powered Advisory Committee (HPAC) considered the settlement terms suggested by them and recommended the case for settlement upon payment of Rs 68.63 lakh by the companies.
The recommendation of HPAC was also accepted by the panel of whole time members of Sebi.
Last month, the eight firms paid the settlement amount of Rs 68.63 lakh and accordingly the Securities and Exchange Board of India (Sebi) settled the case.However, the regulator said that if any representation made by the companies in the settlement proceedings is subsequently discovered to be untrue, enforcement actions can be taken against them.