M3M India Pvt Ltd on Thursday settled with markets regulator Sebi a case of alleged failure to submit the financial result, by paying over Rs 6 lakh towards settlement charges.
It was alleged that the firm failed to submit the half year result for the period ended September 30, 2020.
As per the Listing Obligations and Disclosure Requirements (LODR) norms, the listed entity is required to prepare and submit unaudited or audited financial results on a half-yearly basis in a specified format within 45 days from the end of the half year to the stock exchanges.
However, M3M India allegedly failed to do so.
Pending adjudication proceedings, the firm filed a settlement application with Sebi proposing to settle the case without admitting or denying the default.
The high-powered advisory committee considered the settlement terms proposed and recommended the case for settlement upon payment of Rs 6,28,575.
The amount was remitted by the firm on June 18, 2021, the settlement order noted.
“Therefore, in view of the acceptance of the settlement terms and the receipt of settlement amount as above by Sebi, the instant adjudication proceedings initiated against the Noticee … are disposed of,” Sebi said.
