Agrochemical company UPL (formerly United Phosphorus Ltd) and its promoter and Chairperson Jaidev Rajnikant Shroff have settled a case related to an alleged violation of regulatory norms with capital markets regulator Sebi after paying Rs 20.2 crore towards settlement charges.
The settlement order came after the applicants — UPL and Jaidev Rajnikant Shroff — proposed to settle the instant proceeding through a settlement order “without admitting or denying the findings of fact and conclusions of law”.
“In terms of the settlement regulations, it is hereby ordered that the instant proceeding initiated against the applicants, vide show cause notice dated February 28, 2024, is disposed of,” Sebi’s Chief General Manager Anitha Anoop said in the order on October 30.
Pursuant to receipt of an emailed query from a media outlet, Sebi undertook a suo-moto investigation in the affairs of certain companies, including UPL (Applicant No. 1) and its promoters to ascertain whether there was any ..
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