A promoter of Shubra Leasing Finance and Investment Company (SLFICL) has settled case with regulator Sebi in connection with alleged violation of takeover regulations after paying over Rs 28 lakh.
The regulator had initiated adjudication proceedings against Kalpak Vohra — a promoter of SLFICL — for the alleged violation of SAST (Substantial Acquisition of Shares and Takeovers) Regulations, according to a Sebi order dated September 29.
Vohra had submitted an application for settlement of the matter by paying Rs 28,12,500. The settlement term was placed before the regulator’s High Powered Advisory Committee (HPAC), which recommended that the case may be settled on payment of Rs 28,12,500 by the promoter, the Securities and Exchange Board of India (Sebi) noted in the order.
The recommendation of HPAC was also approved by the panel of whole-time members of Sebi, the regulator said. In August, Vohra paid the settlement amount and accordingly, Sebi disposed of the proceedings.
The regulator also noted that if any representation made by Vohra in the settlement proceedings is subsequently discovered to be untrue, enforcement actions can commence against him.