During its investigation, Sebi found that NHAI delayed filing of
its half-yearly financial results by 4 days to 78 days between 2015-16 to
2018-19.
Capital markets
regulator Sebi on Tuesday imposed a penalty of Rs 7 lakh on the National
Highways Authority of India (NHAI) for delay in making timely disclosure
about financial results.
Sebi had conducted an examination in the matter of NHAI from financial year 2015-16 to 2018-19.
During its
investigation, Sebi
found that NHAI delayed filing of its half-yearly financial results by 4 days
to 78 days between 2015-16 to 2018-19.
The regulator had
advised NHAI for strict compliance with the LODR (Listing Obligations and Disclosure
Requirement) Regulations in future.
However, despite
the advisory by Sebi, NHAI did not submit the financial results on time with
respect to the half year ending on September 30, 2018 and March 31, 2019.
The results were
submitted with a delay of 19 days and 78 days, respectively.
"There was
repeated failure (seven instances during FY 2015-16 to FY 2018-19) on the part
of the noticee (NHAI) regarding compliance with the provisions ...LODR
Regulations," Sebi said in an order.
Accordingly, the
regulator imposed a penalty of Rs 7 lakh on NHAI.
In its reply to a
show cause notice (SCN) issued by Sebi, NHAI said it seeks approval of the
majority of its board members in relation to all matters including approval of
unaudited half yearly results.
No comments:
Post a Comment