Multibase India's promoter Multibase SA has settled a case related to violation of takeover norms with markets regulator Sebi after paying Rs 16.25 lakh.
Multibase SA had filed an application to settle the delayed compliance of public announcement norms as required under SAST (Substantial Acquisition of Shares and Takeovers) Regulations, according to a Sebi order dated January 18.
The settlement terms proposed by the promoter were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for settlement upon payment of Rs 16.25 lakh. The recommendation of HPAC was also accepted by the panel of Whole Time Members of the regulator.
Earlier this month, Multibase SA paid Rs 16.25 lakh following which the Securities and Exchange Board of India (Sebi) settled the case.
The regulator, however, said if any representation made by the promoter in the present settlement proceedings is subsequently discovered to be untrue, enforcement actions can be taken against it.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)