|
| Exchange Disseminated Time 26/11/2016 12:26:56 | With reference to the earlier intimation dated August 11, 2016 intimating that pursuant to SEBI (Settlement of Administrative and Civil Proceedings) Regulations, 2014, the Company had filed a consent application with Securities and Exchange Board of India (SEBI) in connection with the Adjudication Order dated March 31, 2016 passed by SEBI.
Electrosteel Castings Ltd has now informed BSE that the settlement terms proposed by the Internal Committee of SEBI at its meeting held on November 24, 2016, were not acceptable to the Company. Hence the Company has intimated the withdrawal of its consent application to concerned department of SEBI today i.e. November 26, 2016.
The Company will continue to pursue its appeal filed with Hon’ble Securities Appellate Tribunal against SEBI Adjudication Order dated March 31, 2016 passed by the Adjudicating Officer, Securities and Exchange Board of India. |
|
|