SEBI issued notice for violation of provisions of SEBI Listing Regulations

✓ SEBI issued notice to Listed Company w.r.t. violation of certain provisions of SEBI Listing Regulations - Related Party Transactions.

1) The Company had entered into RPT transactions worth INR 1,406 crores without prior approval of Audit Committee at arm's length and in ordinary course of business, however, later on ratified by the Committee.

∆ In that regard, SEBI clarified that under Reg 23 (2) prior approval of Audit Committee shall be required, and hence the justification given by the Company was not tenable.

2) Secretarial Auditor in its reported that outcome of meeting was delayed.

∆ SEBI warned and advised to ensure compliance of all applicable of SEBI Listing Regulations to avoid appropriate actions in future.