Man Industries (India) Ltd on Monday settled with capital markets regulator Sebi a case concerning alleged delayed and inadequate disclosure regarding the initiation of a forensic audit.
The matter was settled after the company paid Rs 8.79 lakh towards the settlement amount, according to an order passed by the Securities and Exchange Board of India (Sebi).
The order came after the company filed an application with Sebi, requesting the settlement of the adjudication proceedings initiated through a show-cause notice in August last year.
“Specified proceedings initiated against the applicant (Man Industries) vide Show Cause Notice dated August 3, 2022 are disposed of in terms… of the Settlement Regulations on the basis of the settlement terms,” Sebi said in its order.
The regulator had initiated a forensic audit in respect of Man Industries for the financial years 2014-15 to 2020-21. The receipt of the intimation was acknowledged by the applicant through an email dated November 25,
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