SKIL Infrastructure and 34 other entities have settled a case related to alleged violation of capital market norms with regulator SEBI after payment of Rs 1.38 crore.
“The pending adjudication proceedings initiated against the noticees (35 entities) are disposed of,” SEBI said in a settlement order last week, adding that it would not initiate any enforcement action for the alleged defaults.
SEBI had initiated its probe against SKIL Infrastructure (earlier known as Horizon Infrastructure) and other entities for allegedly violating the provisions of Listing Agreement and PFTUP (Prohibition of Fraudulent and Unfair Trade Practices) norm.
Besides, the regulator was probing some of the entities for alleged non-compliance with SEBI’s SAST (Substantial Acquisition of Shares and Takeovers) regulation.
While adjudication proceedings were pending against these entities, they had offered to settle the case on payment of Rs 1.38 crore towards settlement charges.
Thereafter, SEBI’s High Powered Advisory Committee recommended the case for settlement on the payment of the amount. This was also approved by SEBI’s panel of full-time members, following which the entities remitted the amount. Accordingly, the Securities and Exchange Board of India has disposed off the adjudication proceedings initiated against the entities.
It further said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the entities is found to be untrue.