Sebi settles case against Sunshine Capital

Sebi has settled allegations of delay in compliance with takeover norms against Sunshine Capital Limited after the company made a payment of Rs 6.6300000 towards settlement fees.Sunshine Capital was charged with delay in filing requisite information for years from 1998 to 2011, as required under Sebi takeover regulations.However, in its order dated May 28, Securities and Exchange Board of India (Sebi) has said that the case "is settled according to the consent terms and Sebi shall not initiate any enforcement action against the applicant for the said default".Under Sebi's consent mechanism, entities can seek to settle cases with the market regulator after payment of certain charges and disgorgement of any ill-gotten gains.In January, this year, Sunshine Capital had proposed to pay Rs 6,63,750 as consent terms, to settle any anticipated proceedings against it by the regulator.Thereafter, Sebi's High Powered Advisory Committee (HPAC) considered and recommended that the case can be settled on payment of the proposed amount.The HPAC recommendation was also accepted by a panel of Sebi's whole time members, following which the company remitted the amount on in April, 2013.Sebi said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by Sunshine Capital is found to be untrue.