sebi:SO/JS/N./2022-23/6630
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated September 3, 2021 disposed of in terms of section 23JA of SCRA read with regulation 23(1) of the Settlement Regulations upon payment of settlement amount
Provisions invoked
- s. 23
- s. 23E
- s. 23J
Regulations
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 4(1)(g)
Parties
- UPL Limited
Holding
The instant adjudication proceedings initiated against UPL Limited vide SCN dated September 3, 2021 are disposed of on settlement terms upon payment of Rs. 19,50,000, without admitting or denying the findings of fact and conclusions of law.
Full text
Settlement Order in respect of UPL Limited in the matter of UPL Limited Page 2 of 4 2. In view of the above, SEBI, after being satisfied that there are sufficient grounds to inquire into and adjudicate upon the aforesaid failure to modify the terms of appointment of KPMG Mauritius and to obtain the limited review of its material subsidiary upon resignation of KPMG Mauritius, initiated adjudication proceedings against the Company for violation of the provisions of Regulation 4(1)(g) of SEBI (LODR) Regulations read with clause 2 of Listing Agreement and para 6(A) and 6(B) of SEBI Circular dated October 18, 2019.
Settlement Order in respect of UPL Limited in the matter of UPL Limited Page 3 of 4 6. During the pendency of adjudication proceedings, the Company (“Applicant”) proposed to settle the instant proceedings initiated against it, without admitting or denying the findings of fact and conclusions of law, through a settlement order and filed a settlement application with SEBI having ref. 6630/2021 dated November 1, 2021 in terms of the provisions of SEBI (Settlement Proceedings) Regulations, 2018 (hereinafter referred to as ‘Settlement Regulations’).
Settlement Order in respect of UPL Limited in the matter of UPL Limited Page 4 of 4 12. In terms of Regulation 25 of the Settlement Regulations, copies of this order are being sent to the Applicant viz. UPL Limited and also to the Securities and Exchange Board of India.
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Source: SecMarx — sebi:SO/JS/N./2022-23/6630. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.