Berger Paints' Independent Director Kamal Ranjan Das has settled a case related to disclosure lapses with markets regulator Sebi after paying Rs 2 lakh towards settlement. The ruling comes after Das had filed an application with the regulator in June 2017, proposing to settle the matter pertaining to the delayed compliance of PIT (Prohibition of Insider Trading) regulations, without admitting or denying the findings of fact and conclusions of law, through a settlement order.
Under PIT regulations, promoters, employees and directors of the company are required to disclose about their share transaction to the firm within two working days.
In a settlement order dated May 18, the Securities and Exchange Board of India (Sebi) has settled the "proceedings that could have been initiated" against Das for the alleged default.
The regulator further said it would not initiate any enforcement action against him for the default.
In March this year, Das had proposed the settlement terms to settle the default after which Sebi's High Powered Advisory Committee in April recommended the case for settlement on payment of Rs 2 lakh. The recommendation was also accepted by the panel of whole time members of the regulator.
Earlier this month, Das remitted Rs 2 lakh towards the settlement charges and accordingly, the regulator settled the proceedings against him.
However, Sebi said if any representation made by Das in the settlement proceedings is subsequently discovered to be untrue, the regulator could take enforcement actions including commencing of proceedings against him.
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