 "UPL pays Rs 19.5 lakh to settle auditor appointment case with Sebi")
UPL Ltd has settled with the capital markets regulator, the Securities and Exhcnage Board of India (Sebi), a case pertaining to alleged failure to modify the terms of appointment of the auditor of its subsidiary.
The company settled the proceedings initiated against it after paying Rs 19.5 lakh towards settlement charges. "The instant adjudication proceedings initiated against the noticee (UPL) vide SCN (show cause notice) dated September 3, 2021 are disposed of," Sebi said in a settlement order passed on Friday.
In its show cause notice issued to UPL, it alleged that the company failed to ensure modification in terms of appointment of the auditor -- KPMG Mauritius -- of its material subsidiary, UPL Mauritius; and the firm failed to obtain the limited review of UPL Mauritius upon resignation of its auditor.
Through such acts, UPL allegedly violated LODR (Listing Obligations and Disclosure Requirements) Regulations and Listing Agreement.
During the pendency of adjudication proceedings, the company proposed to settle the instant proceedings initiated against it, "without admitting or denying the findings of fact and conclusions of law", through a settlement order and filed a settlement application with Sebi.
The company settled the proceedings initiated against it after paying Rs 19.5 lakh towards settlement charges. "The instant adjudication proceedings initiated against the noticee (UPL) vide SCN (show cause notice) dated September 3, 2021 are disposed of," Sebi said in a settlement order passed on Friday.
In its show cause notice issued to UPL, it alleged that the company failed to ensure modification in terms of appointment of the auditor -- KPMG Mauritius -- of its material subsidiary, UPL Mauritius; and the firm failed to obtain the limited review of UPL Mauritius upon resignation of its auditor.
Through such acts, UPL allegedly violated LODR (Listing Obligations and Disclosure Requirements) Regulations and Listing Agreement.
During the pendency of adjudication proceedings, the company proposed to settle the instant proceedings initiated against it, "without admitting or denying the findings of fact and conclusions of law", through a settlement order and filed a settlement application with Sebi.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%