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UPL Settles Case, With Sebi; Pays Rs 19.5 Lakh

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UPL Ltd has settled with the capital markets regulator Sebi a case pertaining to alleged failure to modify the terms of appointment of the auditor of its subsidiary. The company settled the proceedings initiated against it after paying Rs 19.5 lakh towards settlement charges. "The instant adjudication proceedings initiated against the noticee (UPL) vide SCN (show cause notice) dated September 3, 2021 are disposed of," Sebi said in a settlement order passed on Friday.

 
UPL Settles Case With Sebi; Pays Rs 19.5 Lakh

In its show cause notice issued to UPL, it alleged that the company failed to ensure modification in terms of appointment of the auditor -- KPMG Mauritius -- of its material subsidiary, UPL Mauritius; and the firm failed to obtain the limited review of UPL Mauritius upon resignation of its auditor. Through such acts, UPL allegedly violated LODR (Listing Obligations and Disclosure Requirements) Regulations and Listing Agreement.

During the pendency of adjudication proceedings, the company proposed to settle the instant proceedings initiated against it, "without admitting or denying the findings of fact and conclusions of law", through a settlement order and filed a settlement application with Sebi. Consequently, it paid the settlement amount and settled the case with the regulator.

In a separate order, Sebi has imposed penalty totalling Rs 20 lakh on 11 entities for indulging in manipulative trades in the shares of Shantanu Sheorey Aquakult Ltd (SSAL). These entities "have executed trades which were fraudulent and intended to manipulate the scrip price of SSAL, and have therefore, violated ... PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations." This comes after the Sebi conducted investigation in the matter of Shantanu Sheorey Aquakult for the period March 2014 to May 2016 examining the trading activity in the company's scrip.

(PTI)

Read more about: capital markets
Story first published: Monday, May 9, 2022, 16:17 [IST]
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