Patels Airtemp Settles with SEBI: A Disclosure Dilemma Resolved

Patels Airtemp (India) resolved a disclosure rule violation with SEBI by paying Rs 28.53 lakh. The BSE-listed company settled the proceedings without admitting guilt and received approval for the settlement from SEBI's High Powered Advisory Committee, recommending further action against responsible individuals.

In a recent development, Patels Airtemp (India), a heavy machinery manufacturer listed on the Bombay Stock Exchange (BSE), has resolved a case with the Securities and Exchange Board of India (SEBI). The company faced allegations of breaching disclosure rules and has agreed to a settlement of Rs 28.53 lakh.

The adjudication proceedings were initiated by SEBI under the Listing Obligations and Disclosure Requirements (LODR) rules. In response, Patels Airtemp sought to settle the matter through a settlement application, which was filed without admitting or denying the alleged violations.

SEBI's High Powered Advisory Committee approved the settlement terms, allowing the case to be closed. Additionally, SEBI advised the company to take appropriate action against individuals responsible for the alleged irregularities.

(With inputs from agencies.)