Pradeep Metals has settled a case with market regulator Securities and Exchange Board of India (SEBI) after payment of over Rs 4 lakh as settlement fee. The case was related to alleged non-compliance of shareholding disclosure norms.
The SEBI had initiated adjudication proceedings against the company over the violation of Substantial Acquisition of Shares and Takeovers (SAST) regulations. It was alleged that the company had failed to make shareholding disclosures within the stipulated timeframe during the years 2002, 2003, 2010 and 2011.
Pradeep Metals is engaged in manufacturing of forgings for the defence, automobile, engineering and petrochemical industries, both for domestic and international markets.
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