SEBI passes consent order against five entities

PTI Updated - May 31, 2013 at 05:28 PM.

Market regulator SEBI has settled charges of non-compliance of takeover norms against five entities after they paid Rs 2.5 lakh towards settlement fee.

In an order dated May 30, the Securities and Exchange Board of India (SEBI) said the order will come into force immediately and the regulator would not initiate any enforcement action against these entities.

A consent order enables settling administrative or civil proceedings.

The five applicants – Gurmeet Singh Dhingra, Renu Dhingra, Wellmans Finlease (now known as Trinidhi Finance), Kuldeep Jain and Trilochan Singh – had been charged with delay in filing the requisite information under the SEBI’s Takeover Regulations during 2009-10.

The applicants had sold shares comprising over 32 per cent share capital of Wellman’s Homeopathic Laboratories between December 30, 2009 and February 2, 2010 in five tranches.

However, disclosures about share-sale were made in September 2010 with several weeks of delays.

The applicants had submitted a consent order application to SEBI in December 2010.

The High Powered Advisory Committee of SEBI had recommended that proceedings may be settled if the applicant is agreeable to pay Rs 2.50 lakh towards settlement charges.

Published on May 31, 2013 11:58