Sebi passes consent order in Safari Industries case

Market watchdog Sebi has settled charges of non-compliance of takeover norms against Safari Industries after the company paid Rs 200000 in settlement fees.The Securities and Exchange Board of India (SEBI), in its consent order passed on May 22, said the order will come into force immediately and the regulator would not initiate any enforcement action against the company.A consent order enables settling administrative or civil proceedings between the regulator and the concerned party.The company had been charged with delay in filing the requisite information under the Sebi's Takeover Regulations for the financial years 2003-04, 2004-05 and 2009-10."It was observed that there was a delay of 215 days, 108 days and 6 days in filing the disclosures mandated under...Takeover Regulations for the financial years ended on March 31 of 2004, 2005 and 2009, respectively," Sebi noted.Safari Industries (India) Limited submitted a consent order application to Sebi in August last year. Pursuant to the application, company officials attended a meeting with Sebi's internal committee on consent in January 2013.After that, the consent terms were placed before the High Powered Advisory Committee of Sebi. The committee recommended that proceedings may be settled if the applicant is agreeable to pay Rs 200000 towards settlement charges.Accordingly, the applicant has remitted a sum of Rs 200000 towards the settlement charges.