Sebi settles cases on 3 cos for shareholding in Uttam Galva

Market regulator Sebi has settled and passed consent in cases against three commpanies on payment of a total of Rs 700000 for their delay in disclosing details of their shareholding pattern in Uttam Galva Steels Limited The cases against the three firms -- Kredence Multi Trading Limited Archisha Investments Private Limited and Sainath Trading Company Private Limited -- relates to their failure to adhere with Sebi's takeover norms.The companies had been charged with delay of up to 12 years in making the disclosures. The matter involving the three companies took place in late 1990s and early 2000s.In the case of Kredence Multi Trading Limited (formely Sanjug Trading Company Limited ) and Sainath Trading Company Private Limited the consent ordere were passed on payment of Rs 200000 each, while it was Rs 300000 in the case of Archisha Private Limited All the three firms had made separate applications for settlement of the matter and the Sebi high powered advisory committee had recommended the same on payment of settlement charges.In a consent order, the company or person pays the settlement fee without denying or admitting the charges.World's largets steel maker ArcelorMittal holds over 33% stake in Uttam Galva. However, ArcelorMittal had purchased its stake in 2009 and 2010.