Markets regulator Sebi on Wednesday settled with 10 entities a case related to alleged violation of takeover regulations in the matter of Velan Hotels after they paid Rs 27.62 lakh towards settlement.
It was alleged that the entities had failed to comply with SAST (Substantial Acquisition of Shares and Takeovers) Regulations with regard to an increase in their shareholding from 58.28 per cent to 59.80 in Velan Hotels between March, 2009 and December, 2009.
The entities had filed an application to settle the adjudication proceedings, the Securities and Exchange Board of India (Sebi) noted in an order. The regulator's High Powered Advisory Committee (HPAC) recommended the matter for settlement upon payment of Rs 27.62 lakh by the entities.