New Delhi, May 18 (PTI) Sanjivani Paranteral Ltd's promoter Ashwani Anamisharan Khemka has settled a case pertaining to alleged violation of disclosure norms with Sebi after paying Rs 4.95 lakh.

The market regulator in an order passed on Tuesday said that the applicant (Ashwani Anamisharan Khemka) had filed the settlement application through its authorized representative to settle the proceedings without admitting or denying the findings of fact and conclusions of law.

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As per the order, the applicant who is a promoter of Sanjivani Paranteral Ltd (SPL) acquired 1,27,161 shares that is 2.15 per cent of the entity (SPL) from the market in October 2012.

Subsequent to the acquisition, the shareholding of the applicant increased from 7.95 per cent to 10.10 per cent. This triggered the disclosure requirement under SAST (Substantial Acquisition of Shares and Takeovers) regulations.

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Thereafter, in 2016, the applicant disposed of 6,50,000 shares of SPL. Pursuant to this, the shareholding of the applicant reduced from 13.51 per cent to 2.49 per cent. This transaction triggered the disclosure requirement under SAST norms.

The discrepancies were addressed by applicant and communicated to Sebi on February 2022.

Therefore, a high-powered advisory committee (HPAC) of Sebi considered the settlement terms proposed by the applicant and recommended the case for settlement upon payment of settlement charges of Rs 4.95 lakh.

The market watchdog approved the recommendation and the settlement was remitted on May 2022, the regulator noted.

(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)