Sebi Settlement: Manu M Parpia Resolves Compliance Case

Manu M Parpia, former independent director at Nesco Ltd, settled a case with Sebi concerning alleged disclosure violations. He paid Rs 21.4 lakh towards settlement without admitting or denying any findings. The proceedings arose from allegations of board tenure overstay and misleading independence claims.

Manu M Parpia, erstwhile independent director at Nesco Ltd, resolved a compliance case with the Securities and Exchange Board of India (Sebi) by paying a settlement fee of Rs 21.4 lakh. The compromise addresses allegations of disclosure violations and improper board tenure.

Sebi scrutinized the matter following a report from Stakeholders Empowerment Services in October 2023. Subsequent findings led to a show cause notice issued to Parpia by Sebi in May 2024, citing concerns that included exceeding his board tenure after it ended in May 2022.

Further, the regulator claimed that Parpia submitted a misleading declaration regarding his independence in the company. Following settlement application and revised terms, Parpia's settlement was confirmed, concluding the proceedings.

(With inputs from agencies.)