Seven individuals today settled with Sebi a case related to alleged violation of takeover regulations in the matter of Liberty Phosphate, after payment of Rs 2.21 crore as settlement charges.
The individuals are Raoof Razak Dhanani, Anisha Raoof Dhanani, Sumera Raoof Dhanani, Sana Yusuf Dhanani, Sadiya Raoof Dhanani, Saba Raoof Dhanani and Nasreen Yusuf Dhanani.
The markets regulator had initiated adjudication proceedings against the individuals for allegedly violating SAST (Substantial Acquisition of Shares and Takeovers) Regulations.
According to a Sebi order, the individuals had filed an application to settle the proceedings and the terms proposed by them were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the matter for settlement on payment of Rs 2.21 crore.
The recommendation of the HPAC was approved by the panel of whole time members of the Securities and Exchange Board of India (Sebi).
Last month, the individuals paid the settlement amount of Rs 2.21 crore, following which the regulator disposed of the adjudication proceedings.
However, Sebi said if any representation made by the individuals in the settlement proceedings is found to be untrue, actions could be initiated against them.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)