PC Jeweller Settles Case With SEBI
PC Jeweller Ltd. has settled a case with the Securities and Exchange Board of India regarding alleged non-disclosure of certain information about a buyback offer that was withdrawn later.
The company paid Rs 19.12 lakh towards full and final settlement of the alleged default, according to an order.
The matter pertains to the company's buyback offer that was approved by its board on May 10, 2018.
However, State Bank of India objected to the offer through two separate letters issued in July. Subsequently, the company's board of directors decided to withdraw the offer and the same was informed to stock exchanges on July 13.
The regulator had observed that PC Jeweller had not disclosed SBI objections raised through letters dated July 7 and 12, 2018.
"SEBI has found that non-disclosure of SBI's objections by PC Jeweller is a material information and required to be disclosed to the stock exchanges...," the order said.
Adjudication proceedings were initiated and a show-cause notice was issued to the company on March 6. On April 5, the firm filed a settlement application, which was later accepted.