Mumbai,May 2 (UNI) A Panel consisting of Securities&Exchange Board of India (SEBI) chairman Mr C.B.Bhave and Chairman and whole time member Dr T C Nair, has passed an consent order against M/S Kausar India limited for non compliance of Regulation 7 (3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997.
The company has remitted a sum of Rs.50,000 towards the terms of consent in the matter.
M/s Kausar India Limited, the applicant herein, was found to have not complied with Regulation 7 (3) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997, while acquiring the shares of Kausar India Limited (Target Company) by promoter group on May 24, 2002, September 24, 2003, and April 18, 2006, making it liable for suitable enforcement action in terms of the Takeover Regulations.
The consent terms proposed by the applicant were placed before the High Powered Advisory Committee (HPAC) and the HPAC, after deliberations, which recommended the case for settlement on the consent terms proposed by the applicant.
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