Latest News | Promoters of Aruna Hotels Settle Case with Sebi; Pays Rs 2.32 Crore as Settlement Fee

New Delhi, Jun 7 (PTI) Promoters of Aruna Hotels on Wednesday settled with markets regulator Sebi a case pertaining to alleged violation of SAST rules.

Balasubramania Sivanthi Adityan, Sri Devi Agencies Pvt Ltd, Chandramohan R, Anita Kumaran, Jayanthi Natarajan, Gay Travels, Subasri Realty, Rani Printers, Sovereign Media Marketing Pvt Ltd and Chithan V are the promoters and promoter groups of BSE-listed Aruna Hotels Ltd.

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The promoters and promoter groups paid a total of Rs 2.32 crore towards the settlement charges.

The order came after the entities proposed to settle the instant proceedings through a settlement order "without admitting or denying the findings".

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"The instant adjudication proceedings initiated against applicants (entities) vide SCN dated September 20, 2022 is disposed of," Sebi's Adjudicating Officer Barnali Mukherjee said in the settlement order.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against the applicants for the alleged violation of SAST (Substantial Acquisition of Shares and Takeovers) norms.

Following this, a show cause notice (SCN) was issued by the markets watchdog to the applicants on September 20, 2022 for the alleged violating of norms, the regulator said.

Subsequent to the issuance of the SCN, the applicants' filed the settlement applications with Sebi, which recommended to settle the matter on payment of Rs 2.32 crore.

Consequently, the applicants paid the amount and settled the case.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)