SEBI settles case with Suzlon
Mumbai: Market regulator SEBI has disposed of proceedings against wind turbine maker Suzlon Energy, its chairman Tulsi Tant air max 90 i and four other executives after they together paid Rs 12 lakh to settle charges related to alleged delay in amending insider trading norms.
Besides Tulsi R Tanti founder chairman of Suzlon Energy others who have entered into a consent air max 90 order with SEBI are Girish R Tanti, V Raghuraman, Ashish Dhawan and Hemal A Kanuga.
As per norms regarding insider trading, all listed firms were required to frame a code of internal procedures, among others. This regulation was notified by SEBI in 2008.
However, the regulator alleged th air max 90 at Suzlon had amended its code of internal procedures and conduct for prevention of insider trading on February 4, 2011, after a delay of more than two years.
In this regard, adjudication proceedings were initiated against the six entities.
While the proceedings were in progress, the company and its officials proposed a settlement under SEBI’s consent order mechanism, in August, last year.
In October, 2012, the entities revised their consent terms and offered to pay Rs 2 lakh each to settle the case.
Thereafter, SEBI’s High Powered Advisory Committee on Cons air max 90 ent (HPAC) after deliberations, recommended the case for settlement on the payment of the amount.
This was also approved by panel of SEBI’s whole time members, following which the company and its officials remitted the amount earlier this month.
SEBI noted that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by the entities is found to be untrue.