Market regulator Sebi has settled charges of non-compliance of takeover norms against Amulya Leasing and Finance after the company paid Rs 2.95 lakh in settlement fee.
While passing the consent order today, Sebi (Securities and Exchange Board of India) said it has disposed of adjudication proceedings against the company and this direction will come into force with immediate effect.
A consent order enables settling administrative or civil proceedings between the regulator and the concerned party without admission or denial of guilt on the part of the applicant.
It was alleged that Amulya Leasing and Finance had failed to comply with the relevant provisions of 'Takeover Regulations' during the period 1998-2001 and 2005.
The company submitted a consent order application to Sebi in February last year. Pursuant to the application, company officials attended a meeting with Sebi's internal committee on consent in August 2013.
After that, the consent terms were placed before the High Powered Advisory Committee of Sebi. The committee recommended that proceedings may be settled if the applicant (Amulya Leasing and Finance) is agreeable to pay Rs 2,95,375 towards settlement charges.
"In terms of the proposal of the noticee (the company)for the sole purpose of settling the matter on hand and without admission or denial of guilt on the part of the noticee to the findings of fact or conclusions of law, the noticee has remitted a sum of Rs 2,95,375... towards the terms of consent in the matter," Sebi said.
Consequently, Sebi said charges of against Amulya Leasing and Finance is settled and the regulator disposes of the adjudication proceedings initiated against the company.