Oceanic Foods Ltd has settled a case with the Securities and Exchange Board of India (Sebi) regarding alleged disclosure lapses. The company paid INR 12.22 lakh as a settlement fee to resolve the matter.
Oceanic Foods produces and sells dehydrated spices
The company is listed on the BSE, produces and sells dehydrated spices and vegetables. The settlement order was issued after Oceanic Foods proposed to settle the case against it without “admitting or denying the findings of facts and conclusions of law.”
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Meanwhile, Sebi had initiated adjudication proceedings against Oceanic Foods for allegedly violating the Listing Obligations and Disclosure Requirements (LODR) regulations and other market norms. A show cause notice was issued to the company on February 20, 2024, for non-disclosure of a petition filed by its former Managing Director and CEO against the company, as well as the freeze of its bank accounts.
Oceanic Foods pays INR 12 lakh settlement fee
Following which, Oceanic Foods had applied to settle the proceedings by filing a settlement application. After revising the settlement terms, which were approved by Sebi’s High Powered Advisory Committee (HPAC), the company paid the settlement fee.
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“In view of the acceptance of the settlement terms and the receipt of the settlement amount by Sebi, the instant adjudication proceedings initiated against the applicant vide SCN dated February 20, 2024, is disposed of in terms of the settlement regulations,” Sebi said.
