Patels Airtemp (India) settle disclosure violation case with Sebi

Patels Airtemp (India) on Tuesday settled a case with capital markets regulator Sebi related to an alleged violation of disclosure rules by paying a settlement amount of Rs 28.53 lakh. Heavy machinery company Patels Airtemp (India) is a BSE-listed entity.

The order came after Patels Airtemp proposed to settle the instant proceedings, without “admitting or denying the findings of facts and conclusions of law”, through a settlement order and filed a settlement application.

The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against Patels Airtemp (India) Ltd (noticee /applicant) for the alleged violation of the provisions of LODR (Listing Obligations and Disclosure Requirements) rules.

Thereafter, a show cause notice (SCN) was issued by the markets watchdog to the noticee on September 1, 2023.

“In view of the acceptance of the settlement terms and the receipt of settlement amount by Sebi, the instant adjudication proceedings initiated against Patels Airtemp (India) vide SCN dated September 01, 2023 is disposed of in terms of the settlement regulations on the basis of the settlement terms,” Sebi’s Adjudicating Officer Asha Shetty said in the order.

Patels Airtemp (India) Ltd (PAT) applied to settle the proceedings that may be initiated against it for allegedly violating the disclosures norms. Pursuant to the receipt of the settlement application, PAT filed revised settlement terms, wherein it will pay Rs 28.53 lakh settlement amount. Further, the regulator advised applicant to take appropriate action against the individuals responsible for the irregularities, under intimation to Sebi.

The revised terms proposed by the applicant were approved by the Sebi’s High Powered Advisory Committee (HPAC), which recommended the matter be settled.

After remitting the settlement fee of Rs 28.53 lakh, Patels Airtemp (India) Ltd settled the case with Sebi.