Question
SEBI has imposed a penalty of _________on Shapoorji
Pallonji and Company for flouting disclosure norms & not taking prior approval from the stock exchange for converting non-convertible debentures (NCDs) into a term loan way back in March 2021.Solution
SEBI has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Company for flouting disclosure norms. In its order, SEBI found that Shapoorji Pallonji and Company did not take prior approval from the stock exchange for converting non-convertible debentures (NCDs) into a term loan way back in March 2021. Also, it failed to submit auditor’s certificate on utilization of funds, half yearly certificate on maintenance of asset cover and annual report to the debenture trustee.
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