NGL Fine-Chem Settles Disclosure Row with Sebi for Rs 92.21 Lakh

NGL Fine-Chem and its promoters have resolved a shareholding disclosure case with Sebi by paying Rs 92.21 lakh. Misclassified disclosures and increased promoter shareholding raised regulatory concerns. An application to Sebi led to the settlement, averting further adjudication proceedings concerning violations of its listing regulations.

NGL Fine-Chem, a pharmaceutical company, has settled allegations of shareholding disclosure violations brought by India's capital markets regulator, Sebi, by paying a total of Rs 92.21 lakh. The settlement was reached after an application was submitted to address the discrepancies under Sebi's settlement regulations.

The discrepancies primarily involved misrepresentation of shareholding classifications and an undisclosed increase in promoter shareholding. Specific allegations were raised against PCI Ferrmone Chemicals, for being incorrectly marked as 'public' instead of 'promoter,' spanning from December 2002 to June 2019.

The settlement was finalized with NGL Fine-Chem paying Rs 54.42 lakh, while PCI Ferrmone Chemicals and individuals Rajesh Lawande and Rahul Nachane contributed Rs 12.6 lakh each. Sebi acknowledged the acceptance of settlement terms, concluding the proceedings without further action.