Manu M Parpia, a former independent director of Nesco Ltd., settled a case of alleged violations in disclosure norms with the Securities and Exchange Board of India by paying Rs 21.4 lakh in settlement charges.
This came after Parpia proposed to resolve the pending proceedings through a settlement order, without admitting or denying the facts and legal conclusions.
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"In exercise of the powers...of the settlement regulations, it is hereby ordered that the instant proceedings initiated against the applicant vide show cause notice dated May 28, 2024, are disposed of," SEBI's Chief General Manager G Ramar said in the settlement order.
Notably, SEBI had initiated an investigation into the matter related to Parpia after receiving a report from Stakeholders Empowerment Services on Oct. 20, 2023.
Following this, the regulator issued a show-cause notice to Parpia on May 28, 2024.
The notice accused Parpia of remaining on the company's board as an independent director for over a year after his tenure ended on May 9, 2022.
In view of the same, it was alleged that the applicant had violated provisions of responsibilities of the board of directors as enshrined under Principles governing disclosures and obligations allegedly violating LODR (Listing Obligations and Disclosure Requirements) rules.
Further, the regulator alleged that Parpia had given a misleading declaration on July 15, 2023, to the effect that he meets the criteria of independence and eligibility at the time of his appointment by the board of the company, which is in violation of the Companies Act, 2013, and LODR norms.
Pursuant to the receipt of the application, Parpia filed revised settlement terms and remitted the settlement amount of Rs 21.45 lakh, which was confirmed by SEBI and settled the matter.
(With PTI Inputs)
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