Singh Brothers’ RHC Holding Settles Disclosure Lapses Case With SEBI
Malvinder and Shivinder Singh-promoted RHC Holding Pvt. Ltd. has settled with the Securities and Exchange Board of India a case of alleged disclosure lapses in the matter of Oscar Investments Pvt. Ltd by paying over Rs 6 lakh towards settlement charges.
The settlement order comes after RHC Holding filed a suo moto application under the settlement mechanism to settle the delayed compliance of SEBI’s Substantial Acquisition of Shares and Takeovers norms.
“The applicant (RHC Holding) has failed to make disclosures as required under... SEBI (Substantial Acquisition of Shares and Takeovers) regulations. The required disclosure was made with a delay,” SEBI said in an order on Monday. The order, however, did not divulge details regarding the disclosure lapses made by RHC Holding.
A notice was issued to RHC Holding on June 13, 2019, intimating that the defaults may be settled and disposed of upon remittance of the settlement amount of Rs 5.61 lakh within 10 days, SEBI said.
On July 3, RHC Holding remitted a total of Rs 6.17 lakh, which includes Rs 56,173 towards charges for delay in submission of revised settlement terms.
“The proposed proceedings that could have been initiated for the defaults... are settled,” SEBI said, adding that it would not initiate any enforcement actions against the firm for the said defaults.