Lyka Labs promoters settle case with Sebi in Rs 3.07 lakh over alleged violation of disclosure lapses

The order came after the applicants filed settlement applications for proposing to settle by neither ''admitting nor denying the findings of fact and conclusions of law''.

''The proceedings that may be initiated against the applicants for the violations are settled qua the applicants,'' Sebi's Whole Time Members' Ashwani Bhatia and Ananth Narayan G said in the settlement order passed on Monday.

In November 2021, Ipca Laboratories Ltd made an open offer for the purchase of shares of Lyka under the SAST (Substantial Acquisition of Shares and Takeovers) norms.

During the course of open offer, it was observed that there were three instances of delayed disclosures by Kunal N Gandhi and Nehal N Gandhi under SAST rules which were intimated by the merchant banker to Sebi.

The settlement application was filed before Sebi on November 17, 2022 and the High Powered Advisory Committee of the regulator on December 14, 2022 recommended the case be settled upon payment of the settlement charges on the basis of joint and several liability. After Kunal N Gandhi and Nehal N Gandhi paid the respective amount of Rs 3.07 lakh, Sebi issued the settlement order.