Shapoorji Pallonji Group Fined Rs 7 lakh For Violating Disclosure Rules
NDTV
In its order, Sebi found Shapoorji Pallonji and Company did not take prior approval from the stock exchange for converting NCDs into a term loan in 2021.
Capital markets regulator Sebi has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Company for violating disclosure norms.
In its order, Sebi found that Shapoorji Pallonji and Company did not take prior approval from the stock exchange for converting non-convertible debentures (NCDs) into a term loan way back in March 2021.
Also, it failed to submit auditor's certificate on utilization of funds, half yearly certificate on maintenance of asset cover and annual report to the debenture trustee, the Securities and Exchange Board of India (Sebi) said in its 64-page order passed on Thursday.
