Two individuals, entity settle case with Sebi

Two individuals, entity settle case with Sebi

NEW DELHI: Two individuals and an entity have settled with Sebi a case of alleged violation of listing norms after paying over Rs 50 lakh towards settlement charges. The matter pertained to Punjab Chemicals and Crop Protection Ltd (PCCPL).

According to three separate orders passed on Thursday, a settlement amount of Rs 14.45 lakh each has been paid by Shalil S Shroff and Avtar Singh. Besides, Rs 21.67 lakh have been paid by PCCPL.

The individuals and the entity were alleged to have violated the provisions of LODR (Listing Obligations and Disclosure Requirements) Regulations.

As per the order, it was noted that two subsidiaries of PCCPL — SD Agchem NV (SD) and STS Chemicals Ltd (STS) had acquired a company — Sintesis Quimica S.A.I.C Argentine (SQ) in 2006.

However, it was alleged that disclosures regarding certain liabilities were not made under LODR Regulations.

Pending adjudication proceedings, the applicants proposed to settle the case, without admitting or denying the findings of fact and conclusions of law.

Consequently, they paid their respective settlement amounts as recommended by Sebi’s High Powered Advisory Committee (HPAC), following which the regulator disposed of the instant adjudication proceedings initiated them.

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