New Delhi, Jan 1 (PTI) Manu M. Parpia, former independent director of Nesco Ltd, on Wednesday settled a case with Sebi over alleged violation of disclosure laws and other regulatory norms after payment ₹21.4 lakh towards settlement fees.
The order was issued after the applicant (Manu M Parpia) proposed to resolve the pending proceedings by means of a settlement order without “admitting or denying the findings of fact and conclusions of law.”
“In the exercise of the powers… under the terms of settlement, it is hereby ordered that the proceedings instituted against the applicant be terminated immediately by means of a show cause notice dated May 28, 2024.” Sebi CEO G Ramar said in a press release. settlement order.
The Securities and Exchange Board of India (Sebi) conducted an inquiry into Nesco Ltd and Parpia after receiving the Stakeholders Empowerment Services (SES) report on October 20, 2023.
Subsequently, on May 28, 2024, the regulator issued a show cause notice (SCN) to Manu Parpii.
SCN alleged that Manu Parpia continued to serve on the corporate’s board for over a 12 months as an independent director, even after his term of office ended on May 9, 2022.
Accordingly, it was alleged that the applicant had breached the management liability provisions of the Disclosure Rules and obligations allegedly in breach of the LODR (Listing Obligations and Disclosure Requirements) provisions.
The regulator further alleged that Parpia made a misleading statement on July 15, 2023, in which it stated that the corporate met the independence and eligibility criteria on the time of its appointment by the board of directors, which is in breach of the Companies Act, 2013 and the LODR norms .
Upon receipt of the request, Parpia submitted amended terms of the settlement and transferred the settlement amount ₹21.45 lakh, which was confirmed by Sebi and settled the matter.
