New RBI Grade B 2025 Notification will come Soon! Enroll Here

    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.
    A Rs.5 lakh Correct Answer Incorrect Answer
    B Rs.7 lakh Correct Answer Incorrect Answer
    C Rs.9 lakh Correct Answer Incorrect Answer
    D Rs.11 lakh Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    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.

    Practice Next

    Relevant for Exams: