Liberty Phosphate settled a dispute related to violation of shareholding disclosure norms with capital markets regulator Sebi by paying Rs 8.5 lakh in settlement fee.
Liberty Phosphate, now merged with Coromandel International, had allegedly failed to make requisite shareholding disclosures, during the years 1998 to 2004 and 2006, within the prescribed time frame.
The Securities and Exchange Board of India (Sebi) said in an order that delayed compliance of the provision of Substantial Acquisition of Shares and Takeovers Regulations is settled and it disposes of the adjudication proceedings pending in respect of Liberty Phosphate.
Liberty Phosphate had proposed to settle the case on payment of Rs 8.5 lakh as settlement charges under Sebi's consent order mechanism. Under this, entities can seek to settle cases with the regulator after payment of certain charges and other expenses without admission of guilt.
Thereafter, Sebi's High Powered Advisory Committee (HPAC) considers and recommends whether the case can be settled on the payment of the proposed amount.
HPAC recommendations then have to be accepted by the panel of whole time members of Sebi. As per the Sebi consent order, the regulator can take enforcement action, including reopening of the pending proceedings against Liberty Phosphate , if any representation made by the company is found to be untrue.
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