Three firms pay Rs4.12-cr to settle case with Sebi

New Delhi: Three entities, including Kalyani Steels Ltd (KSL), on Monday settled with market regulator Sebi a case of alleged violation of disclosure and related-party transaction norms after paying Rs 4.12 crore collectively. KSL is a part of Babasaheb Neelkanth Kalyani-led Kalyani group.

The order came after the applicants (Kalyani Steels Ltd, BF Utilities and Deepti R Puranik proposed to settle the instant proceedings initiated against them, “without admitting or denying the findings of facts and conclusions of law.”

The Securities and Exchange Board of India (Sebi) examined financial transactions of the Kalyani group of companies, following a report from NSE dated March 20, 2023, which flagged possible lapses in investments made by group entities.