Sun Pharmaceutical settled for a case pertaining to alleged violation of listing obligation and disclosure requirements norms with regulator Securities and Exchange Board of India (SEBI). The aggregate settlement charges were paid around Rs 2.9 crores.
The show cause notices issued by SEBI on May 19, 2020 to Sun Pharmaceutical Industries Limited, and the Whole-time Directors and certain officers at the relevant time.
The show cause notices pertained to alleged violations of certain provisions of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, relevant for compliances pertaining to related parties, and were issued pursuant to investigation conducted after receipt of two whistle blower complaints by SEBI.
Sun Pharma stated that, the aforementioned proceedings have been settled and disposed as per the settlement terms set out in the Settlement Orders, without admitting or denying the findings of fact and conclusions of law in accordance with the terms of SEBI (Settlement of Administrative and Civil Proceedings) Regulations 2018, in order to expeditiously close the matter.