Shalimar Paints: 34 entities settle takeover norms violation case with Sebi

Synopsis
As many as 34 entities have settled proceedings related to alleged violations of 'takeover' norms in the matter of Shalimar Paints Ltd with markets regulator Sebi on payment of Rs 3.04 lakh.
While examining Draft Letter of Offer filed for the acquisition of equity shares of Shalimar Paints by Hella Infra Market Private Limited, Sebi had observed that 1,65,545 equity shares of Shalimar Paints (Target Company), were acquired by Urvi Jindal from Ratan Jindal, by way of inter-se transfer amongst immediate relatives, on March 30, 2022.
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