The regulator agreed to settle proposed adjudication proceedings in the matter of United Breweries (Holding) Ltd, pertaining to alleged violation of SAST (Substantial Acquisition of Shares and Takeover) regulation and PIT (Prohibition of Insider Trading) norms after it was approached by LKP Finance with a plea under the settlement regulations.
Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.
"...the pending adjudicating proceedings initiated against the notice (LKP Finance).... is disposed of," the Securities and Exchange Board of India (Sebi) said in a settlement order passed on Wednesday.
While the adjudication proceedings were initiated in February 2016, the company had submitted an application for settlement of the proceedings on payment of settlement charges. Thereafter, the regulator's high-powered advisory committee recommended the case for settlement, which was also approved by Sebi's panel of whole-time members.
As per the order, the firm has remitted Rs 14.44 lakh and accordingly, the regulator has disposed of the adjudication proceedings initiated against LKP Finance.
It further said that enforcement actions, including the reopening of the proceedings, could be initiated against the firm if any representation made by it is found to be untrue.
(With inputs from agencies.)