Malvinder and Shivinder Mohan Singh promoted RHC Holding Pvt Ltd has settled a case with the Securities and Exchange Board of India (SEBI) pertaining to delayed disclosures in the matter of Oscar Investments Ltd by paying around Rs 6 lakh.
The company reached compromise with SEBI after RHC voluntarily submitted an application under the settlement mechanism to resolve the delayed compliance of SAST rules.
"The applicant (RHC Holding) has failed to make disclosures as required under SEBI's Substantial Acquisition of Shares and Takeovers regulations. The required disclosure was made with a delay," SEBI said in its order Monday.
However, the order did not reveal any details concerning the disclosure lapses made by RHC. The markets regulator had issued a notice to RHC on June 13, 2019, implying that the defaults may be settled and disposed of upon remittance of the settlement amount of Rs 5.61 lakh within 10 days.
RHC Holding on July 3 paid a total of Rs 6.17 lakh, which comprises Rs 56,173 towards charges for late submission of revised settlement terms.
"The proposed proceedings that could have been initiated for the defaults are settled," the markets regulator articulated adding that it would not begin any enforcement actions against the company for the said defaults.