Mumbai: Capital markets regulator Sebi has settled a case related to violation of disclosure norm against Delta Industrial Resources after the company paid Rs 6.45 lakh towards settlement fee.
Delta Industrial Resources had failed to make annual disclosures with regard to its shareholding pattern for the 1997-2011 period, within the prescribed time limit.
Passing a consent order on November 12, Securities and Exchange Board of India (Sebi) said that the provisions of Takeover regulations are settled and the regulator will not initiate any enforcement action against the applicant for the delayed compliance.
The regulator had issued a show cause notice to the company with regard to alleged violations.
Following the show cause notice, the company proposed to pay a sum of Rs 6.45 lakh as settlement charges to settle any anticipated proceedings against it under Sebi's consent mechanism.
Under consent mechanism, entities can seek to settle cases with the regulator after payment of certain charges and other expenses without admission of guilt.
