Market regulator Sebi has disposed of a case against Gomti Finlease (India) after the company paid Rs 4.25 lakh to settle charges of delay in making requisite disclosures regarding its shareholding pattern.
The case relates to non-compliance by Gomti Finlease in making certain dsiclosures about its shareholding pattern to the concerned stock exchanges, as required under Sebi's norms, between the years 1998-2006 and 2008-2010.
In its order dated November 23, market regulator said the adjudication proceedings initiated against the firm for the delay in compliance with the provisions with the guidelines are settled and " Sebi shall not initiate any enforcement action against the applicant for the same".
Pending the adjudication proceedings, Gomti Finlease had proposed settlement fee of Rs one lakh on July, 2011 under the Sebi's consent order mechanism. However, later the entity revised the consent terms and offered settlement of Rs 4.25 lakh in February, 2012.
The proposed terms were placed before the High Powered Advisory Committee (HPAC) which after considering the facts and circumstances of the case recommended that the matter be settled on payment of the amount.
Later, Sebi communicatd the acceptance of the consent proposal to Gomti Finlease which subsequently remitted the settlement amount.