11 Jul 2022
Bajaj Hindusthan Sugar Ltd will appeal against a recent order by the Securities and Exchange Board of India imposing a 1-mln-rupee penalty for breaching disclosure provisions of the listing norms.
The SEBI order, passed on Friday, held that the company had not made material event disclosures as required by the listing norms.
The company failed to file with the stock exchanges information about action taken by the Central Pollution Control Board and state pollution control authorities on some of its units during 2018-19 (Apr-Mar) and 2019-20.
This happened in 14 instances and included show-cause notices, closure directions and penalties by the pollution control bodies.
These were material events and had to be disclosed to the stock exchanges, according to SEBI. It was also a breach of disclosures on environment, social and governance related matters.
“An appeal will be preferred by the Company to the Securities Appellate Tribunal in this regard,” the company said in a stock exchange filing today.
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