Sebi settles case against Signet Industries

Capital market regulator Sebi has settled charges of violations of takeover regulations against Signet Industries after the company paid Rs 4.4600000 as settlement fees."...the adjudication proceedings initiated against the applicant (Signet Industries) is hereby settled as per the above consent terms," Securities and Exchange Board of India (Sebi) said in an order dated April 9.The regulator had initiated adjudication proceeding against Signet to inquire into and adjudge the alleged violation of the provisions of the Sebi (Substantial Acquisition of Shares and Takeover) Regulations by the entity.The violations were observed from the letter of offer and other documents filed with Sebi by Almondz Global Securities Limited (Manager to the Offer) in the matter of acquisition of 20% shares of Signet by Mukesh Sangla, Saurabh Sangla and other acquirers, Sebi said.Pending proceedings, Signet on July 22, 2011 had initially proposed to pay an an amount of Rs 50,000 under Sebi's consent order mechanism.However, it revised the terms of settlement by offering to pay Rs 4,46,250, in January this year.Thereafter, Sebi's High Powered Advisory Committee (HPAC) recommended that the case may be settled on payment of the revised amount of Rs 4.4600000, following which, Signet remitted the amount on April 2, 2013.Sebi said that enforcement actions, including commencing of the proceedings, could be initiated if any representation made by Signet is found to be untrue.