Stovec Industries has settled an alleged disclosure lapse case with Sebi after paying nearly Rs 6 lakh towards settlement charges. According to Sebi, the company suo motu filed an application proposing to settle, without admitting or denying the guilt for alleged delayed compliance of SAST (Substantial Acquisition of Shares and Takeovers) norms. The firm failed to make the requisite disclosures within the stipulated time on three occasions and the disclosures were made subsequently after a delay 14 days, 105 days and 2 days, respectively, the regulator said.
The firm was called for an internal committee meeting on March 29, 2019, and was given an option of preferring a summary settlement procedure. It opted for the settlement route and agreed to pay Rs 5,84,350 towards settlement charges within the stipulated time, which was subsequently approved by the regulator's panel of whole-time members, the regulator said in an order on Monday. Accordingly, the Securities and Exchange Board of India (Sebi) said, "The proceedings that may be initiated for the default... are settled." Stovec Industries is a subsidiary of Netherland-based SPG Prints and manufactures textile and graphic printing machines in India.
(With inputs from agencies.)