Kidderpore settles case of takeover norm violation with Sebi

MUMBAI: Kidderpore Holdings today settled a dispute related to violation of takeover norms with capital markets regulator Sebi by paying Rs 6.54 lakh in settlement fee.

The company had allegedly failed to make requisite shareholding disclosures between 1998 and 2010 within the prescribed time frame.

The Securities and Exchange Board of India (Sebi) said in an order that delayed compliance of the provision of Takeover Regulation is settled and it disposes of the adjudication proceedings pending in respect of Kidderpore Holdings.

Kidderpore Holdings had proposed to settle the case on payment of Rs 6.54 lakh as settlement charges under Sebi's consent order mechanism.

Under this, entities can seek to settle cases with the regulator after payment of certain charges and other expenses without admission of guilt.

Thereafter, Sebi's High Powered Advisory Committee (HPAC) considers and recommends whether the case can be settled on the payment of the proposed amount.

HPAC recommendations then have to be accepted by the panel of whole time members of Sebi.

As per the Sebi consent order, the regulator can take enforcement action, including reopening of the pending proceedings against Kidderpore Holdings, if any representation made by the company is found to be untrue.