DIC India Settles Sebi Case Over Disclosure Lapses with Rs 34.32 Lakh Payment

DIC India resolved allegations of disclosure lapses with Sebi by paying Rs 34.32 lakh. The company neither admitted nor denied violations of LODR rules but ensured no enforcement proceedings would follow unless misrepresentation or breach of terms occurs. The case involved nondisclosures in senior management appointments and remuneration.

DIC India has settled a disclosure lapse case with the Securities and Exchange Board of India (Sebi) by paying Rs 34.32 lakh as a settlement amount, avoiding enforcement proceedings for now.

In its order, Sebi revealed that the company was in violation of several LODR rules, including neglecting to consult its Nomination and Remuneration Committee in appointing a new Head of Sales and Marketing and failing to disclose these and other senior management changes promptly.

The lapses also included undisclosed managerial remuneration in related party transactions between June 2022 and December 2023. After revising settlement terms approved by Sebi's advisory committee, DIC India's settlement has been accepted, though Sebi reserves the right for further actions if misrepresentation is discovered or terms are breached.

(With inputs from agencies.)