Spicejet chairman Ajay Singh settles case with Sebi; pays Rs 2.02 lakh

Mumbai: The Securities and Exchange Board of India has settled legal proceedings against Ajay Singh, chairman of Spicejet after he agreed to pay Rs 2.02 lakh as settlement charges for violating the takeover code.

The regulator in its notice dated June 21, 2016 had informed Singh of his failure to make disclosures under the takeover code for the transaction that he carried out in 2015.

Following Sebi's notice, Singh filed consent application proposing to settle the matter without admitting or denying the findings of the regulator.