Sebi settles SpiceJet case with WL Ross for Rs 1.10 cr

Millionaire investor Wilbur Ross-headed global private equity group WL Ross has paid Rs 1.10 crore to settle long-running Sebi proceedings with regard to purchase of shares in Indian carrier SpiceJet. WL Ross had acquired controlling stake in low-cost carrier Spicejet in August, 2008, but later sold it to Kalanithi Maran-led Sun Group in June, 2010. As on June quarter, Marans held 52.14 per cent stake in the airline. Market regulator Sebi was probing suspected violations by WL Ross entities with regard to takeover norms, including alleged failure to make a public announcement to acquire shares of Spicejet and suppression of information from the regulator and the public at large.
Read news in full 26/09/13 PTI/moneycontrol.com