Promoters of Aruna Hotels settle case with Sebi; pays Rs 2.32 crore as settlement fee

Aruna Hotels' promoters and promoter groups have settled a Securities and Exchange Board of India (SEBI) case on the breach of SAST rules. The company's promoters paid ₹2.32 crore ($311,000) towards the settlement charges without admitting or denying the findings of regulators. SEBI had earlier issued a show-cause notice to the applicants for violating SAST (Substantial Acquisition of Shares and Takeovers) norms, before recommending that the matter be settled on payment of the charges.