Oceanic Foods Settles with SEBI Over Disclosure Lapses

Oceanic Foods Ltd resolved allegations of disclosure violations by the Securities and Exchange Board of India (SEBI) by paying a settlement fee of Rs 12.22 lakh. The case stemmed from non-disclosure of a NCLT petition and bank account freeze by its ex-CEO. SEBI concluded the proceedings post-settlement.

In a move to resolve regulatory discrepancies, Oceanic Foods Ltd, a publicly traded firm, has paid Rs 12.22 lakh to settle allegations made by the Securities and Exchange Board of India (SEBI).

The allegations concerned failures in adhering to disclosure regulations, notably not reporting significant events involving its ex-CEO.

Following a formal review, SEBI accepted revised settlement terms, concluding the proceedings underlined by the applicant's adherence to stipulated settlement regulations.

(With inputs from agencies.)