#PAYTM'S FORMER INDEPENDENT DIRECTOR ,COMPLIANCE OFFICER AND FORMER DIRECTORS WERE DIRECTED TO PAY RS 3.32 CRORE TO SETTLE ALLEGED SEBI NORMS VIOLATIOS
Allegations include those involving benefits given to Vijay Shekhar
Sharma, Promoter of the company and his relatives, and authorising and signing
public offer documents that contained incorrect statements and incomplete
disclosures on the promoter entity.
The above mentioned officials of
Paytm have paid fines to the Securities and Exchange Board of India
(SEBI) to settle alleged violation of norms.
Failure to ensure conformity with the regulatory provisions applicable to
the listed entity in letter and spirit, in violation of Regulation 6 (2) of
LODR Regulations, 2015.
Independent Directors being part of NRC failed to discharge duties with
unbiased and independent approach while decision-making w.r.t. matters
involving benefits to Mr. Vijay Shekhar Sharma (MD&CEO, Paytm) and his
relatives, in violation of Regulation 4 (2) of LODR Regulations, 2015.
Directors being part of
Board of Director as on date of Prospectus authorized and signed offer
documents containing incorrect statement and incomplete disclosures w.r.t.
Company being professionally managed company.
NON COMPLIANCE WILL
RESULT IN NOT ONLY MONETARY LOSSES BUT ALSO BAD IMAGE IN THE INVESTORS MARKET.
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