Patels Airtemp Settles SEBI Case with Rs 28.53 Lakh Settlement

Patels Airtemp (India) resolved proceedings with SEBI by agreeing to a Rs 28.53 lakh settlement. The case involved alleged disclosure violations, and the settlement was reached without admitting guilt. SEBI advised taking action against individuals responsible for the irregularities. The settlement was approved by SEBI's advisory committee.

Patels Airtemp (India) has concluded its proceedings with SEBI, the capital markets regulator, by agreeing to a settlement payment of Rs 28.53 lakh due to alleged lapses in disclosure norms.

The settlement, which allows the heavy machinery company to sidestep admitting or denying the charges, was reached after SEBI's adjudication process began against them. A show cause notice had been previously issued to the company.

According to SEBI's adjudicating officer, Asha Shetty, the proceedings were officially closed following the acceptance of the settlement terms. The company, listed on BSE, was advised to act against the individuals implicated in these irregularities, in coordination with SEBI.

(With inputs from agencies.)