NEW DELHI, June 11: Iris Mediaworks has settled with markets regulator Sebi a case related to violation of listing agreement on payment of Rs 6.37 lakh.
“The pending adjudication proceedings initiated against the noticee (Iris Mediaworks) … Are disposed of,” the Securities and Exchange Board of India (Sebi) said in a settlement order.
It was alleged that Iris Mediaworks, earlier known as Channel Guide (India), had violated the provisions of the listing agreement and Securities Contracts (Regulation) Act.
While the adjudicating proceedings against the firm were in progress, it submitted an application with the regulator for settlement of the proceedings.
The settlement terms proposed by Iris Mediaworks were considered by Sebi’s Internal Committee and placed before the High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 6,37,500 by the firm. The recommendation of HPAC was also accepted by the panel of whole-time members of the regulator.
Last month, the company paid the settlement amount of Rs 6,37,500 and accordingly, Sebi disposed of the adjudication proceedings.
However, Sebi said if any representation made by the firm in the settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing of proceedings can be initiated against it. (PTI)
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