Nalwa Sons Investments Ltd has been issued a settlement order by the Securities and Exchange Board of India (SEBI) for inadvertent non-adherence to the Substantial Acquisition of Shares and Takeovers (SAST) rules in the Shalimar Paints case. This is part of a larger settlement with 34 parties for alleged offenses.
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Settlement Amount: Rs 3.04 lakh paid by the parties.
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Key Transaction: Urvi Jindal bought 1,65,545 equity shares from Ratan Jindal on March 30, 2022, resulting in a shift of more than 2% in shareholding.
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Disclosure Delay: The deal was disclosed late, as late as April 17, 2024, and hence faced regulatory scrutiny.
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Regulatory Context: The settlement is in line with SEBI's consistent efforts to ensure compliance with takeover norms.
This order stresses the need for prompt disclosures in corporate deals.
Source: Business Standard