SEBI Imposes Rs 9 Lakh Penalty on BGR Energy Systems for Disclosure Lapses
SEBI fined BGR Energy Systems Rs 9 lakh for failing to disclose financial details within required timelines and violating other market norms. The investigation revealed multiple lapses, including delayed uploads of subsidiary financials and non-disclosure of applications for CIRP initiation.
- Country:
- India
Capital markets regulator Sebi on Tuesday imposed a penalty of Rs 9 lakh on BGR Energy Systems for disclosure lapses and non-compliance with market norms.
The order followed an examination by the Securities and Exchange Board of India (Sebi) into BGR Energy Systems Ltd, listed on the BSE and NSE.
Sebi's investigation aimed to ascertain if BGR had violated LODR regulations. Findings revealed the company had failed to upload audited financial statements for its subsidiary companies timely and did not disclose several CIRP applications within the required timeframe.
BGR was also found to have not ensured compliance with disclosure rules before entering into related party transactions involving unsecured loans totaling Rs 131.51 crore during FY 2022-23.
(With inputs from agencies.)
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