National Peroxide Settles SEBI Case Over Disclosure Lapses For ₹9.4 Lakhs
National Peroxide Settles SEBI Case Over Disclosure Lapses For ₹9.4 Lakhs
Wadia Group’s National Peroxide Ltd has settled a case with the Securities and Exchange Board of India (SEBI) concerning alleged disclosure lapses after paying a settlement amount of ₹9.4 lakhs.
The settlement follows an application filed by National Peroxide in November 2024, seeking to resolve the adjudication proceedings initiated against it without "admitting or denying the findings of facts and conclusions of law."
In its order, SEBI’s adjudicating officer Asha Shetty stated, "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 had initiated the proceedings against National Peroxide over an alleged violation of the scheme of arrangement dated June 20, 2023, under the Listing Obligations and Disclosure Requirements (LODR) rules. A show-cause notice was issued on September 10, 2024, citing delays in listing and trading its shares. The company's shares were listed on July 4, 2024—406 days after receiving an NCLT order in May 2023—exceeding the prescribed 60-day limit.
Following the submission of a settlement application, National Peroxide proposed revised settlement terms, which were approved by SEBI's High Powered Advisory Committee. After remitting the settlement amount of ₹9.42 lakhs, the company successfully resolved the matter with SEBI.
