Hikal Resolves Disclosure Violation Case with Sebi Through Settlement

Hikal Ltd. settled a case with India's Securities and Exchange Board (Sebi) by paying a settlement fee of nearly Rs 44 lakh. The case involved alleged disclosure violations. Hikal did not admit to or deny the allegations but agreed to settle the proceedings initiated by Sebi over alleged information disclosure failures.

Pharmaceutical company Hikal Ltd. has settled allegations of disclosure violations with the Securities and Exchange Board of India (Sebi) by paying a settlement fee of nearly Rs 44 lakh.

The case involved alleged breaches of disclosure norms outlined in the Listing Obligations and Disclosure Requirements regulations. Hikal neither admitted nor denied the allegations but opted to settle the proceedings initiated by Sebi.

These proceedings arose from failed disclosures regarding a chemical incident involving Sodium Hydrosulphide. The settlement was finalized after Hikal submitted a revised application, which was approved by Sebi's High Powered Advisory Committee. The company has been advised to address the irregularities internally.

(With inputs from agencies.)