Mumbai, March 6 (IANS) Five current and former officials of Add-Shop E-Retail Limited (ASERL) and White Organic Agro Limited (WOAL) on Thursday settled a case with the Securities and Exchange Board of India (SEBI) regarding alleged violations of regulatory norms.
They collectively paid Rs 95.55 lakh as a settlement amount. ASERL is engaged in the manufacturing, marketing, and distribution of Ayurveda products, while WOAL operates in the organic food business.
The case was settled by Dadhania Vivek Gopalbhai, an audit committee member of ASERL, along with Nirajkumar K Malaviya, the company secretary and compliance officer of ASERL.
Others involved in the settlement include Jigna V Thakkar, an audit committee member of WOAL, Dharmesh Bhanushali, the audit committee chairman of WOAL, and Chandresh Regulations, the former audit committee chairman of WOAL.
Out of the total amount, Malaviya contributed Rs 40.95 lakh, while the other four paid Rs 13.65 lakh each.
The settlement was reached after the officials submitted an application to SEBI, seeking to resolve the matter without admitting or denying the allegations under the regulator’s settlement norms.
SEBI, in its order issued on March 6, acknowledged the settlement and confirmed that the proceedings against the individuals had been closed.
The case originated from complaints received between December 2021 and September 2023, which alleged irregularities related to related-party transactions and false announcements about supply orders.
Following the complaints, the market regulator launched an investigation covering the period from April 2020 to March 2023.
The probe aimed to determine potential violations of the SEBI Act, Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) Regulations, and Listing Obligations and Disclosure Requirements (LODR) Regulations.
The investigation revealed that ASERL and WOAL allegedly misrepresented their financial statements for the financial years 2020-21, 2021-22, and 2022-23.
It was also found that ASERL had falsified records related to the attendance of independent directors in audit committee and board meetings during the same period.
–IANS
pk/na
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
