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DEN Networks and 24 other entities have settled their disputes with stock market regulator SEBI through the consent route on payment of Rs 4.93 crore.
The consent mechanism enables entities to settle charges against them without admission or denial of guilt on payment of settlement charges.
DEN Networks had allegedly directly or indirectly provided funds to certain entities which had applied for its IPO and had not made such disclosures.
The above entities were being proceeded upon for violating Prohibition of Fraudulent and Unfair Trade Practices regulations, the listing agreement, companies act and Issue of Capital and Disclosure Requirements regulations.
While adjudication proceedings were on, the entities moved a consent application to SEBI to settle the adjudication proceedings and the proposed prosecution proceedings on payment of Rs 4.93 crore as settlement charges.
The order comes into effect immediately.
>raghavendrarao.k@thehindu.co.in
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