Market regulator Sebi, Cityman promoters settle charges

Market regulator Sebi has settled charges of takover norms violation by three promoters of Cityman Limited after they paid Rs 13.500000.The Securities and Exchange Board of India (Sebi), in a consent order passed on June 28, said it will not initiate any enforcement action against three promoters -- Annamma Joseph, Sobha Sajan and Julian Santhosh Karimattom.The order will come into force immediately, it said. A consent order enables settling administrative or civil proceedings between the regulator and the party concerned.The promoters had been charged with delay in filing the shareholding details under the Sebi's Takeover Regulations for the period between 1998 and 2009.The promoters submitted an application with Sebi in January 2012 following which their representatives held a meeting with the regulator's internal committee on consent.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 13.4800000 towards settlement charges".The applicant has remitted the charges.