New Delhi: The Securities and Exchange Board of India (SEBI) has settled with four entities a case related to alleged violations of various norms with regard to dealing in the shares of Foseco India after they together paid over Rs 6.82 lakh towards settlement.
These entities are Foseco India, Foseco (UK), Vesuvius Holding (formerly known as Cookson Group PLC), and Foseco Overseas.
The market regulator had initiated adjudication proceedings against the four entities for allegedly violating the Securities and Contracts (Regulation) Act and LODR (Listing Obligations and Disclosure Requirements) Regulation with respect to dealing in the shares of Foseco India.
According to a Sebi order dated October 27, the entities had filed an application to settle the adjudication proceedings.
The settlement terms proposed by the four entities were considered by SEBI's High Powered Advisory Committee (HPAC), which recommended the matter for settlement on payment of Rs 6,82,795. This was approved by the panel of whole time members of the regulator.
Earlier this month, the entities paid the settlement amount of Rs 6,82,795 and then the SEBI disposed of the adjudication proceedings.