Market regulator Sebi has settled charges of non-compliance of takeover norms against Cityman ltd after the company paid Rs 10 lakh in settlement charges.
While passing the consent order, Sebi (Securities and Exchange Board of India) said the order will come into force immediately and it has disposed of adjudication proceedings against the company.
The company had been charged with delay for filing the requisite information under the Sebi's Takeover Regulations for the period between 1998 and 2009.
Cityman submitted a consent order application to Sebi in March in January 2012. Pursuant to the application, company officials attended a meeting with Sebi's internal committee on consent in March last year.
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 10 lakh towards settlement charges."
Accordingly, the applicant has remitted a sum of Rs 10 lakh towards the settlement charges.