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The settlement came after Babasaheb Neelkanth Kalyani proposed to settle the pending proceedings through a settlement order “without admitting or denying the findings”.
“The proceedings that may have been initiated for the alleged violations … are settled qua the applicants,” Sebi said in its settlement order passed on Thursday.
The regulator further said that it will not initiate enforcement action against the applicants for the said violations.
As per the order, Kalyani is a promoter of BFL and has submitted that Kalyani Export and Investment, Aboli Investment and Wathar Investment and Trading Company had qualified as part of the promoter group of BFL under ICDR (Issue of Capital and Disclosure Requirements) rules.
However, the promoter entities were not included in the annual disclosures filed by the applicant under SAST norms for the FYs 2010-11 to 2020-21, including names of its promoter entities in the list of promoters.
Further, in respect of non-compliance with SAST regulations, the applicant has already filed updated annual disclosure for the FY ended March 31, 2022 on May, 2022.
Also, the information related to pledge of shares is already available in public domain on the website of Stock Exchanges.
Pursuant to the receipt of the application, the internal committee of Sebi deliberated on the aspect of the incorrect disclosures and their implications thereof and suggested the terms of the settlement.
Thereafter, a high powered advisory committee (HPAC) of Sebi approved Rs 3 lakh for Baba Kalyani as settlement amount.
Further, the applicant informed the market watchdog about the remittance of the settlement amount on November 10, 2022 and Sebi has confirmed the credit of the same, the order added.
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