Foundry Fuel Products’ promoter BLA International today settled a case related to alleged disclosure lapses with markets regulator Sebi after paying Rs 2 lakh towards settlement. BLA International’s shareholding in Foundry Fuel had increased from 0.94 per cent to 2.39 per cent between January 1-June 30, 2013 due to off-market acquisition of over 1.16 lakh shares, according to a Sebi order.
However, the promoter had allegedly not complied with disclosure norms as required under PIT (Prohibition of Insider Trading) Regulations, following the acquisition of shares. BLA International had filed an application to settle the adjudication proceedings, which Sebi had initiated against it for not complying with PIT Regulations.
Sebi’s High Powered Advisory Committee (HPAC) had recommended the settlement of the case on payment of Rs 2 lakh by the promoter. The recommendation of the committee was also accepted by the panel of whole time members of the regulator.
Last week, BLA International paid the settlement amount, following which Sebi disposed of the proceedings.moneycontrol