Sebi Settlement: Nivrutti Kedar Resolves Disclosure Violation Case

Nivrutti Pandurang Kedar, a promoter of RM Drip and Sprinklers Systems Ltd, has resolved a case with Sebi concerning alleged disclosure violations. By paying Rs 22.16 lakh in settlement charges, he settled without admitting guilt. The case related to delays in disclosure after acquiring a major stake in the company.

Nivrutti Pandurang Kedar, among the key promoters of RM Drip and Sprinklers Systems Ltd, has reached a settlement agreement with the Securities and Exchange Board of India (Sebi) over alleged disclosure violations.

The settlement came after Kedar submitted an application with Sebi proposing to resolve the issue without admitting or denying the violations. The case involved delayed disclosures regarding his acquisition of a significant stake in the company.

To settle the matter, Kedar has paid a settlement fee of Rs 22.16 lakh after an approval by Sebi's High Powered Advisory Committee. This marks the conclusion of potential enforcement actions against him for alleged breaches of market norms.

(With inputs from agencies.)