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.
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