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Promoters of Aruna Hotels settle case with Sebi; pays Rs 2.32 crore as settlement fee
Promoters of Aruna Hotels settle case with Sebi; pays Rs 2.32 crore as settlement fee
Aruna Hotels' promoters and promoter groups have settled a Securities and Exchange Board of India (SEBI) case on the breach of SAST rules. The company's promoters paid ₹2.32 crore ($311,000) towards the settlement charges without admitting or denying the findings of regulators. SEBI had earlier issued a show-cause notice to the applicants for violating SAST (Substantial Acquisition of Shares and Takeovers) norms, before recommending that the matter be settled on payment of the charges.
Aruna Hotels' promoters and promoter groups have settled a Securities and Exchange Board of India (SEBI) case on the breach of SAST rules. The company's promoters paid ₹2.32 crore ($311,000) towards the settlement charges without admitting or denying the findings of regulators. SEBI had earlier issued a show-cause notice to the applicants for violating SAST (Substantial Acquisition of Shares and Takeovers) norms, before recommending that the matter be settled on payment of the charges.
Aruna Hotels' promoters and promoter groups have settled a Securities and Exchange Board of India (SEBI) case on the breach of SAST rules. The company's promoters paid ₹2.32 crore ($311,000) towards the settlement charges without admitting or denying the findings of regulators. SEBI had earlier issued a show-cause notice to the applicants for violating SAST (Substantial Acquisition of Shares and Takeovers) norms, before recommending that the matter be settled on payment of the charges. 
