Ajay Singh, the Chairman of Indian low cost carrier SpiceJet (SG, Delhi International), has settled with the Securities and Exchange Board of India (SEBI) for violations of takeover regulations, reports the Economic Times of India.
The matter goes back to Singh's takeover of SpiceJet in February 2015. At that time, Singh and SpiceJet failed to file a disclosure to stock exchanges within four days of the transaction. The filing only occurred in September 2016, more than a year and a half later.
Singh has neither admitted nor denied the charges, but agreed to pay a sum of INR202,000 (USD3,100) to SEBI following a meeting in late February.
