Shalimar Paints: 34 entities settle takeover norms violation case with Sebi

As many as 34 entities have settled proceedings associated to alleged violations of ‘takeover’ norms within the matter of Shalimar Paints Ltd with markets regulator Sebi on fee of Rs 3.04 lakh. This got here after an software was filed by Urvi Jindal with Sebi proposing to settle the enforcement proceedings that could be initiated in opposition to her for the alleged violations via a settlement order and accordingly, the settlement quantity was remitted.

“…the required proceedings, in respect of which the abstract settlement notices had been issued, are hereby settled in respect of the candidates (Urvi Jindal together with the Individuals Performing in Live performance), ” Sebi stated in a settlement order handed on Thursday.

Whereas inspecting Draft Letter of Provide filed for the acquisition of fairness shares of Shalimar Paints by Hella Infra Market Non-public Restricted, Sebi had noticed that 1,65,545 fairness shares of Shalimar Paints (Goal Firm), had been acquired by Urvi Jindal from Ratan Jindal, by means of inter-se switch amongst speedy family members, on March 30, 2022.

The transaction resulted in a change of greater than 2 per cent of the full shareholding of Urvi Jindal, together with the Individuals Performing in Live performance, within the Goal firm. The transaction was disclosed solely on April 17, 2024, ensuing within the violation of the SAST (Substantial Acquisition of Shares and Takeovers) Laws.