Praxis Home Retail settles case with Sebi; pays over Rs 20 lakh

The firm had allegedly failed to make disclosures of certain material events, in accordance with the Listing Obligations and Disclosure Requirements norms.

No point in blaming the regulators for ‘micro-regulating’ even this basic governance ask!
No point in blaming the regulators for ‘micro-regulating’ even this basic governance ask!

Praxis Home Retail Ltd has settled with regulator Sebi a case of alleged violation of market norms, by paying over Rs 20 lakh towards settlement charges. The firm had allegedly failed to make disclosures of certain material events, in accordance with the Listing Obligations and Disclosure Requirements norms.

The material events pertained to a company petition that was filed against the company under the Insolvency and Bankruptcy Code to initiate a corporate insolvency resolution process for its failure to make payment. Thereafter, the petition was admitted by the Mumbai Bench of the National Company Law Tribunal and an interim resolution professional was appointed.
Further, the company entered into a settlement agreement and the petition was set aside.

For these developments, the firm was required to make requisite disclosures but it made delayed disclosures to the exchange. The firm had filed a settlement application with the regulator proposing to settle the probable enforcement proceedings, without admitting or denying the guilt.

Sebi’s high-powered advisory committee considered the settlement terms proposed by the applicant and recommended the case for settlement upon a payment of Rs 20.25 lakh. The amount has been remitted by the company on December 3, according to an order passed on December 27

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