Premier Polyfilm has received an Adjudication order under section 15 I of the Securities and Exchange Board of India Act 1992 Read with Rule 5 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules,1995 has passed an order on December 9, 2024.
The security market regulator has imposed a penalty of ₹ 3,00,000 (Rupees Three Lakh) on Noticee under Section 15HB of SEBI Act.
The company received a Cause Notice on May 17, 2024, enclosing thereto documents submitted by NSE to you regarding noncompliance with certain provisions of SEBI (LODR) Regulations, 2015.
The issue related to non-obtaining of prior approval of the shareholders pertaining to related parties transactions for the FY 2023-2024.
SEBI examined the matter and initiated adjudication proceedings against the Noticee for the alleged violation of Regulations 23(2), 23(4) and 23(9) read with Regulations 4(1)(e) of LODR Regulations.
“There is no material impact on financial, no impact on the operation or other activities of the company due to penalized amount,” Comoany said in an exchange filing.
