The cases are 12 years old where three firms, Kredence Multi Trading Ltd, Archisha Investments Pvt Ltd and Sainath Trading Company Pvt Ltd, failed to adhere with the shareholding pattern (SHP) disclosure norms of SEBI.
SEBI has confirmed that they will not instigate any enforcement action against these companies for the delay in compliance with SAST regulation. Under substantial acquisition of shares and takeovers (SAST) regulations 1997, the acquirer needs to pay, while filing the draft letter of offer with the Board under sub-regulation (1), a fee as mentioned in the guidelines of SEBI.
All the three firms has made separate applications for settlement of the matter and the Sebi high powered advisory committee had recommended the same on payment of settlement charges.
On April 2010, Uttam Galva Steels Ltd has submitted the disclosure under Regulation 8A of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997 to BSE. Uttam Galva Steels Limited is one of the largest manufacturers of cold rolled steel (CR) and galvanized steel (GP) in Western India.
World's largets steel maker ArcelorMittal holds over 33 per cent stake in Uttam Galva.