Markets regulator Sebi today settled separate cases with Meenakshi Enterprises and Aarya Global Shares and Securities, after the two entities paid Rs 12.17 lakh towards settlement. The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against Meenakshi Enterprises for allegedly violating disclosure norms under SAST (Substantial Acquisition of Shares and Takeover) Regulations.
With regard to Aarya Global, the proceedings were initiated by the regulator for the alleged violation of ICDR (Issue of Captial and Disclosure Requirements) Regulations.
As per two separate orders, both entities had submitted applications for settlement of the proceedings while these were still in progress.
The regulator's High Powered Advisory Committee (HPAC), after considering the facts and circumstances of the cases as well as the settlement terms offered by the two entities, recommended the settlement of the proceedings on payment of Rs 10.15 lakh by Meenakshi Enterprises and Rs 2.02 lakh by Aarya Global.
The recommendations of HPAC were also approved by the panel of Whole Time Members of Sebi.
Earlier this month, both the entities paid their respective settlement amounts following which the regulator disposed of the adjudication proceedings against them.
However, as per the orders, if any representation made by Meenakshi Enterprises and Aarya Global in the settlement proceedings is subsequently found to be untrue, Sebi may take enforcement actions against them.
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