SpiceJet chief Ajay Singh has settled proceedings against him by regulator Sebi into alleged disclosure lapses in his purchase of shares in the airline.
Singh, who is the Chairman and Managing Director of SpiceJet, has paid Rs 2.02 lakh towards settlement charges under the Sebi regulations that allows settling pending proceedings without admission or denial of any wrongdoing in certain cases.
"Accordingly, the adjudication proceedings proposed to be initiated against the applicant (Singh) for the alleged violation... Are settled," Sebi said in a settlement order while adding it would not initiate any enforcement action for the alleged defaults.
Sebi had initiated its probe after it was found that Singh failed to make required disclosure under the Substantial Acquisition of Shares and Takeovers (SAST) Regulations for a transaction dated February 23, 2015.
This was the day when Singh had acquired majority stake in SpiceJet from the former promoters, Kalanithi Maran and his family.
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