Promoters Of Lyka Labs Settle Case With Sebi; Pays Rs 3.07 Lakh As Settlements Charges

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New Delhi: Kunal N Gandhi and Nehal N Gandhi, promoters of Lyka Labs have settled with capital markets regulator Sebi a case regarding alleged violation of disclosure lapses. Kunal N Gandhi and Nehal N Gandhi (applicants) paid Rs 3.07 lakh as settlement charges to the regulator.

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 the 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 liabilities.

After Kunal N Gandhi and Nehal N Gandhi paid the respective amount of Rs 3.07 lakh, Sebi issued the settlement order.