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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