Oceanic Foods pays Rs 12.22 lakh to settle disclosure lapses case with Sebi

Oceanic Foods connected Wednesday settled with the superior markets regulator Sebi a lawsuit related to an alleged usurpation of disclosure lapses by paying Rs 12.22 towards the colony fee.
Oceanic Foods Ltd (OFL), a BSE-listed entity, is engaged successful the concern of accumulation and merchantability of dehydrated spices and vegetables.

The colony bid came aft the applicant (Oceanic Foods) projected to settee the instant proceedings initiated against it, without "admitting oregon denying the findings of facts and conclusions of law".

The Securities and Exchange Board of India (Sebi) initiated adjudication proceedings against Oceanic Foods for the alleged violations of Sebi's LODR (Listing Obligations and Disclosure Requirements) regulations arsenic good arsenic different marketplace norms.

Thereafter, a amusement origin announcement was issued by the markets watchdog to Oceanic Foods connected February 20, 2024, for the alleged violation.

The SCN was issued to the OFL for non-disclosure of the NCLT petition filed by its ex-MD & CEO against it and for non-disclosure of the frost of its slope accounts by its ex-MD & CEO, which was a disruption successful its operations, not successful the mean people of business, which had a worldly effect connected the applicant.

"In presumption of the acceptance of the colony presumption and the receipt of the colony magnitude by Sebi, the instant adjudication proceedings initiated against the applicant vide SCN dated February 20, 2024, is disposed of successful presumption of the colony regulations," Sebi said successful the order.

Oceanic Foods Ltd applied to settee the proceedings that whitethorn beryllium initiated against it for allegedly violating the disclosure rules by filing a colony application.

Pursuant to the receipt of the colony application, the applicant projected revised colony terms, which were approved by Sebi's High Powered Advisory Committee (HPAC), which recommended the substance to beryllium settled.

Subsequently, aft remitting the colony interest of Rs 12.22 lakh, Oceanic Foods settled the substance with the regulator.