PC Jeweller responds to SEBI notice on non-compliance allegations; shares dip 5%
Securities and Exchange Board of India (SEBI) have issued a show-cause notice to PC Jeweller alleging non-compliance of listing and disclosure requirements.
The notice alleges non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) and SEBI circular dated November 21, 2019, with regard to disclosures required in the matter of the company’s accounts turning NPA/ legal cases/ resolution plan.
The notice also provides a settlement mechanism under the SEBI (Settlement Proceedings) Regulations, 2018 and the company believes that all the aforesaid alleged non-compliances are covered under the same.
However, the company has been disclosing the required/ relevant information in its quarterly results as well as results presentations and is therefore of the opinion that the show-cause notice is not likely to have any material impact on the financial, operational, or other activities of the company as this information is already in the public domain.
All the legal cases are also currently sub-judice with no final ruling/ judgment, the company said.
The company is availing legal advice with respect to the notice and would take appropriate action in this matter in the due course of time, PC Jeweller said.
The company’s shares are locked in the lower circuit of 5 percent on Tuesday, trading at Rs.62.26, down 4.99 percent.
[With Inputs from IANS]
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