National Peroxide settles disclosure lapses case with Sebi for Rs 9.4 lakh

Wadia group firm National Peroxide on Tuesday settled with capital markets regulator Sebi a case pertaining to the alleged violation of disclosure lapses after paying Rs 9.4 lakh in settlement amount.

The order came after National Peroxide Ltd filed an application in November last year with Sebi proposing to settle the instant proceedings initiated against it, without "admitting or denying the findings of facts and conclusions of law".

"...the instant adjudication proceedings initiated against the noticee (National Peroxide Ltd) vide SCN dated September 10, 2024, is disposed of in terms of the settlement regulations," Sebi's adjudicating officer Asha Shetty said in the order.

The Securities and Exchange Board of India (Sebi) had initiated adjudication proceedings against National Peroxide Ltd for the alleged violation of scheme of arrangement dated June 20, 2023, under the LODR (Listing Obligation and Disclosure Requirements) rules.

Thereafter, the markets watchdog issued a show cause notice (SCN) to National Peroxide on September 10, 2024, for allegedly flouting scheme of arrangement in June 2023, as the listing and trading of its shares commenced on July 4, 2024, after 406 days of receipt of NCLT order in May 2023, which is in excess of prescribed 60 days limit.

Pursuant to the receipt of the settlement application, National Peroxide filed revised settlement terms which was approved by the Sebi's high powered advisory committee that recommended the matter be settled.

After remitting the settlement fee of Rs 9.42 lakh, National Peroxide settled the case with Sebi.