Multiplex operator PVR and its managing director and chairperson Ajay Bijli have settled case with markets regulator Sebi over alleged violation of listing norms after paying over Rs 23 lakh.
Multiplex operator PVR and its managing director and chairperson Ajay Bijli have settled case with markets regulator Sebi over alleged violation of listing norms after paying over Rs 23 lakh. Bijli and PVR paid Rs 20.40 lakh and a little over Rs 2.80 lakh, respectively, towards the settlement, according to a Sebi order dated January 24. On January 5, PVR had informed the stock exchanges that Sebi has agreed to settle the matter related to alleged certain provisions of the erstwhile Listing Agreement and LODR (Listing Obligations and Disclosure Requirements) Regulations.
In November 2016, Sebi had issued a common show cause notices to both the entities. Following adjudication proceedings initiated by the regulator, Bijli and PVR had filed a common application in January 2017 proposing to settle the matter. In June 2017, Bijli and PVR had proposed to pay Rs 10 lakh and Rs 2,80,500, respectively, towards full and final settlement of the proceedings. After the regulator’s High Powered Advisory Committee on Consent (HPAC) sought more details, fresh settlement terms were put up before the panel.
Subsequently, the committee recommended settlement of the case on payment of Rs 20.40 lakh by Bijli and Rs 2,80,500 by PVR, according to Securities and Exchange Board of India (Sebi). Earlier this month, both the entities paid the respective settlement amounts. While settling the case, the regulator also said that if any representation by the parties is found to be untrue, proceedings could be initiated against them.