Jubilant Life appeals in SAT against Sebi order

Jubilant Life Sciences today said it has approached Securities Appellate Tribunal (SAT) against a Sebi order that imposed penalty on the drug firm and other entities for violation of capital markets norms.

Sebi, through an order on January 31, imposed a penalty of Rs 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, FP&A (Financial planning and analysis) Amit Arora was fined too.

The Securities and Exchange Board of India (Sebi) 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Besides, the other four entities traded in the shares "when in possession" of unpublished price sensitive information.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 the 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.