Tuesday 16 April 2019

Stovec Industries Ltd settles case with SEBI pertaining to SAST disclosure lapse

1)  Stovec Industries Ltd (“Stovec”) suo motu filed an application proposing to settle, without admitting or denying the guilt for alleged delayed compliance of SAST (Substantial Acquisition of Shares and Takeovers) norms. It pertained to Reg 8(3) of SEBI (SAST) Regulations 1997.

2)   Stovec failed to make the requisite disclosures within the stipulated time on three occasions and the disclosures were made subsequently after a delay 14 days, 105 days and 2 days, respectively. The due date for all the three occasions was 30th April 2007.

3)  Stovec was called for an internal committee meeting on March 29, 2019, and was given an option of preferring a summary settlement procedure.

4)  It opted for the settlement route and agreed to pay Rs5,84,350 towards settlement charges within the stipulated time, which was subsequently approved by the regulator's panel of whole-time members, the regulator said in an order on Monday.

5) Stovec Industries is a subsidiary of Netherland-based SPG Prints and manufactures textile and graphic printing machines in India.

A copy of SEBI order is available on below link:-

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