New Delhi, Jul 25 (PTI) Orchid Pharma has settled a case related to alleged violation of disclosure norms with markets regulator Sebi after payment of Rs 5.25 lakh as settlement charges. Also Read - Govt Allows Operation of Electricity Futures in India
In an order dated July 24, the Securities and Exchange Board of India (Sebi) settled the “possible proceedings” against Orchid Pharma related to alleged non-compliances by the firm of Sebi’s ICDR (Issue of Capital and Disclosure Requirements) Regulations. Also Read - CBDT Signs MoU With SEBI For Data Exchange
Orchid Pharma had filed an application with the regulator under settlement mechanism, that provides for settlement of cases without admitting or denying the charges. Also Read - SEBI Allows Promoters to Increase Stake by up to 10%
The settlement terms proposed by the firm were considered by Sebi’s High Powered Advisory Committee (HPAC), which recommended the case for settlement on payment of Rs 5.25 lakh by the company. The recommendation of HPAC was also accepted by the panel of whole-time members of the regulator.
Last month, the company paid the settlement amount of Rs 5.25 lakh and accordingly Sebi disposed of the possible proceedings.
However, Sebi said if any representation made by the firm in the settlement proceedings is subsequently discovered to be untrue, enforcement actions including commencing of proceedings can be initiated against it.
This is published unedited from the PTI feed.