zeel: ZEEL’s two promoter entities settle case with Sebi; pay over Rs 9 lakh as settlement amount

New Delhi: Two promoter entities of ZEEL, Cyquator Media Companies and Essel Company LLP, on Friday settled a case with markets regulator Sebi by paying greater than Rs 9 lakh as settlement quantity. It was alleged that the entities violated insider buying and selling norms and disclosure lapses below SAST (Substantial Acquisition of Shares and Takeovers) laws.

Sebi had performed an examination within the matter pursuant to receipt of letters from the Chief Compliance Officer of Zee Leisure Entreprises Ltd (ZEEL) on uncommon buying and selling sample and hammering of inventory costs of fairness shares of ZEEL. These letters had been obtained by the regulator in December 2018 and January 2019.

Pending the adjudication proceedings, Cyquator Media Companies Ltd and Essel Company proposed to settle the case with out admitting or denying the findings of truth and conclusions of legislation.

The Excessive Powered Advisory Committee of Sebi thought of the settlement phrases proposed by the entities and beneficial the case for settlement on fee of Rs 6.21 lakh by Cyquator Media and Rs 3 lakh by Essel Company LLP.

Sebi famous that the quantity was remitted by each the companies in June.

“Due to this fact, in view of the acceptance of the settlement phrases and the receipt of settlement quantity as above by SEBI, the moment adjudication proceedings towards Cyquator Media Companies and Essel Company LLP vide SCN dated November 25, 2021 are disposed of,” it added.