Robert Bosch Automotive Steering GmbH, a promoter of Z F Steering Gear (India) Ltd, has settled a case pertaining to alleged violation of disclosure norms with Sebi after paying Rs 10 lakh as the settlement charges. The order came after the applicant had filed a suo motu settlement application proposed to “settle by neither admitting nor denying any conclusions of law or fact”.
“It is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant,” Sebi’s whole time members Ananth Narayan G and Amarjeet Singh said in the settlement order passed on September 27.
The applicant was required to make annual disclosures of its shareholding in terms of SAST (Substantial Acquisition of Shares and Takeover) rules, for the financial years 2019-20 and 2020-21 on or before June 01, 2020 and April 9, 2021, respectively.
However, it had made delayed disclosures in March 2023 and July 2021, respectively.
Robert Bosch Automotive Steering was also required to make disclosures under the SAST rules for the financial years, 2019-20, 2020-21 and 2021-22, on or before June 2020, April 2021 and April 2022, respectively.
However, it made delayed disclosures in March 2023 for FY20 and FY21 and in June 2022 for FY22.
Subsequently, the applicant had filed a settlement application with Sebi, which recommended to settle the matter on payment of Rs 10 lakh.