Alpha Corp Development settles case with Sebi

Alpha Corp Development settles case with Sebi

Alpha Corp Development Pvt Ltd has settled with Sebi a case of alleged violation of listing obligations and disclosure requirements norms by paying Rs 6.12 lakh towards settlement charges.

The settlement order came after the company (applicant) proposed to settle the matter.

“It is hereby ordered that the proceedings that may have been initiated for the default… settled qua the applicant,” Sebi said in an order passed on Wednesday.

It was alleged that pursuant to a scheme with Euthoria Developer Pvt Ltd (EDPL), the applicant transferred the non-convertible debentures amounting to Rs 29 crore, which were listed on the BSE, to EDPL.

The scheme was approved by High Court of Punjab and Haryana.

Prior to filing the scheme before the high court, the applicant was required to obtain the approval of the BSE for the same.

The said clearance was obtained only after the approval of the high court and with a delay of 43 months, which was alleged to be in violation of LODR (Listing Obligations and Disclosure Requirements) norms.

The case has been settled after payment of Rs 6.12 lakh as settlement charges.

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