Malabar Institute Of Medical Sciences Settles Case With SEBI; Pays Around Rs 37 Lakh
Malabar Institute of Medical Sciences Ltd. has settled a case of alleged violation of market norms with the Securities and Exchange Board of India after paying around Rs 37 lakh towards settlement charges.
The regulator noted that MIMS had made allotments by way of private placements to 376 allottees and 128 allottees in January 2003 and May 2002 respectively, "deemed to be pursuant to a public offer and MIMS was required to comply with various statutory/regulatory requirements."
"However, MIMS allegedly did not comply with these requirements including that of seeking listing and filing of prospectus," SEBI said.
While the adjudication proceedings were in progress, MIMS in January 2018 filed a settlement application with SEBI and proposed to pay Rs 36.97 lakh towards settlement charges.
The amount, after the approval of panel of whole-time members of SEBI, was remitted by MIMS in September 2019.
Accordingly, "the pending adjudication proceedings initiated against the applicant...are disposed of," SEBI said.
Besides, the regulator said that enforcement actions including commencing of proceedings can be initiated if any representation made by MIMS in the settlement proceedings is subsequently discovered to be untrue.