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Friday, Sep 20, 2002

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SEBI amnesty scheme for errant cos

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MUMBAI, Sept. 19

HERE'S an amnesty scheme from the Securities and Exchange Board of India for errant corporates and their promoters!

SEBI has given a three-four months' time for companies or shareholders, which have failed to make disclosures under the takeover regulations to come clean; but with a fine.

Under a scheme announced by SEBI today, persons and companies which have not made disclosures or made delayed disclosures are allowed to make these disclosures during this period with payment of Rs 10,000 for each disclosure.

The scheme would be in force for a period of three months from October 1 to December 31 for persons and for a period of four months from October 1 to January 31, 2003 for companies, a SEBI release said.

After the expiry of the scheme, the regulator will initiate penal action against defaulters. SEBI's move follows complaints from investors' bodies on violations by certain companies under the takeover code.

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