Sebi settles case against one individual in Meuse Kara case

Sebi has disposed of a case against one individual after he made a payment of Rs 3.1500000 to settle charges of alleged delay in compliance with market regulator 's shareholding disclosure norms. The Securities and Exchange Board of India (SEBI) in its consent order passed on May 17 against Armut Premji Shah said the order will come into force immediately and the regulator would not initiate any enforcement action against him.A consent order enables settling administrative or civil proceedings between the regulator and the concerned party.According to Sebi, Shah had acquired 1100000 shares of Meuse Kara and Sungrace Mafatlal Limited a company promoted by him, representing 13.74% stake on March 6, 2012 by way of inter se transfer amongst promoters.However, Shah had not disclosed about his shareholding details to the stock exchanges."It was observed that there was a delay of 20 days and 4 days in filing the disclosures/report with the BSE Limited mandated under ...the Takeover Regulations, respectively, and the total shareholding of the applicant (Shah) in the Target company (Meuse Kara and Sungrace Mafatlal) increased to 30.82% of the equity capital by reason of the acquisition.Shah had submitted a consent order application to Sebi in in June last year. Pursuant to the application, company officials attended a meeting with Sebi's internal committee on consent in January 2013.After this, 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 3.1500000 towards settlement charges.Accordingly, the applicant has remitted a sum of Rs 3.1500000 towards the settlement charges.Consequently, Sebi said said charges of delay in compliance by Shah "is settled and Sebi shall not initiate any enforcement action against the applicant (Shah)for the delay in compliance".