Nesco Ltd’s former Independent Director Manu Parpia Settles Matter With SEBI

Nesco Ltd’s former Independent Director Manu Parpia Settles Matter With SEBI

Nesco Ltd’s former independent director, Manu M Parpia has settled the matter with the Securities and Exchange Board of India (SEBI) over alleged regulatory violations.

In the order, SEBI’s Chief General Manager G Ramar stated, "In exercise of the powers of the settlement regulations, it is ordered that the instant proceedings initiated against the applicant vide a 28 May 2024 show-cause notice, are disposed.”

On the Stakeholders Empowerment Services (SES) report on 20 October 2023, the market regulator investigated Nesco and examined Parpia's extended tenure beyond his official term and misleading declarManu M Parpia Settles SEBI Disclosure Violations Case with ₹21.45 Lakhations.

Thereafter, on 28 May 2024, a show-cause notice (SCN) was issued to Parpia. It alleged that Parpia continued to serve on the company’s board for over a year as an independent director even after the cessation of his tenure on 09 May 2022.

It showed that the applicant violated the provisions of the board of directors under the SEBI Listing Obligations and Disclosure Requirements (LODR) norms. SEBI added that Parpia provided a misleading declaration on 15 July 2023, stating he met the criteria of independence and eligibility at the time of his appointment by the company’s board. This violated the Companies Act, 2013.

Pursuant to the receipt, Parpia filed revised settlement terms and remitted Rs.21.45 lakh, settling the case with SEBI.