Sebi disposes of a case against Nirma group firms

Sebi today disposed of a case against Nirma group companies as the market watchdog did not find any violations and has asked the complainant to approach the relevant regulator.The Securities and Exchange Board of India (Sebi) had received complaints from the applicant (Aurn Goenka) who alleged violation of various norms with respect to the open offer made by Nirma Industries Limited and Nirma Chemical Works Limited to the shareholders of Shree Rama Multi-Tech.It was alleged that acquirers (Nirma firms) had disgorged the profits earned by them on account of the sale of shares of Shree Rama Multi-Tech.The applicant alleged that the acquirers have not been truthful in their submissions made before authorities.In its today's order, Sebi 'disposed of' the case as it did not find any violations.Regarding an allegation that Nirma group firms have borrowed funds for their investments and that they were acting as unregistered non-banking finance companies (NBFCs), Sebi said the applicant should approach the concerned regulator.However, Sebi did not name the concerned regulator but it could be Reserve Bank of India (RBI).