Directors Settle Insider Trading Case with Sebi

Two former directors of Balaji Amines Ltd, Naveena Chandra Thammishetty and Kashinath Revappa Dhole, settled a case with Sebi for alleged insider trading violations by paying Rs 27.95 lakh collectively. They filed settlement applications and resolved the matter without admitting or denying the allegations.

Two former directors of Balaji Amines Ltd, Naveena Chandra Thammishetty and Kashinath Revappa Dhole, have amicably resolved an insider trading case with the Securities and Exchange Board of India (Sebi) by jointly paying Rs 27.95 lakh. The settlement order was issued following their applications filed in February 2024.

The duo, who resigned from their independent director positions at Balaji Amines in May 2023, was initially accused via a December 2023 Show Cause Notice of breaching Sebi's Insider Trading regulations. They opted to settle the matter without admitting or denying the charges.

After the High Powered Advisory Committee's recommendation, both former directors remitted the agreed settlement amount of Rs 13.97 lakh each, bringing the adjudication proceedings to a close, as confirmed by Sebi’s Adjudicating Officer Barnali Mukherjee.