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Janardhan Trading Co, Central India General Agents, Birla Holdings and Sukriti Education Society, the four promoters of Digjam admitted that there was a delay of 101 days in filing requisite disclosures and thus paid Rs13.27 as settlement charges to SEBI
Market regulator Securities and Exchange Board of India (SEBI) said, four promoters of textile company Digjam have settled the matter related with delay in compliance of disclosure rules after paying Rs13.27 lakh as settlement charges.
SEBI said, Digjam promoters -- Janardhan Trading Co, Central India General Agents, Birla Holdings and Sukriti Education Society -- had failed to make timely disclosures to the stock exchanges regarding an increase in their voting rights in the company.
They approached the SEBI to settle the case under the regulator's consent order mechanism. The entities had proposed to pay Rs13.27 lakh as settlement charges.
Accepting the proposed settlement terms, SEBI in an order issued on 31st December said, the delayed compliance with the norms "is settled according to the consent terms and SEBI shall not initiate any enforcement action against the applicants for the said default".
The four promoters had admitted that there was a delay of 101 days in filing requisite disclosures, the order said.
According to them, on account of non-payment of dividend by Digjam, voting rights accrued upon applicants with respect to 14.94 lakh preference shares increased their voting rights from 33.92% to 42.72% of the paid up capital of the company, it added.
The settlement has been approved by SEBI's High Powered Advisory Committee (HPAC) and panel of whole time members.
In case any representations made by the entities are found to be untrue, then enforcement action could be initiated.
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