Comments
Jubilant Life Sciences on Wednesday said it has approached Securities Appellate Tribunal against a SEBI order that imposed a penalty on the drug firm and other entities for violation of capital market norms.
SEBI, through an order on January 31, imposed a penalty of ₹10 lakh each on Jubilant Life Sciences and its three promoter entities — Jubilant Stock Holding, Shyam Sunder Bhartia and Hari Shanker Bhartia.
Besides, the firm’s Senior Vice-President — Financial Planning and Analysis, Amit Arora, too was fined.
The Securities and Exchange Board of India had found that the drug company made delayed disclosure to the exchanges regarding price-sensitive information.
Besides, the other four entities traded in the shares “when in possession” of unpublished price-sensitive information.
Following SEBI’s order, Jubilant Life Sciences and the promoter entities appealed in the tribunal.
“We wish to inform you that the parties (Jubilant Life Sciences and promoter entities) have filed appeals, before the SAT, Mumbai, against the SEBI adjudication order, on April 24, 2018,” the drug firm said in a BSE filing.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.