The market regulator SEBI on Tuesday imposed a penalty on the National Highways Authority of India (NHAI) for multiple delays in filing half-yearly results with the stock exchanges.
The order has been passed by SEBI Adjudicating Officer (AO) Mr. Prasanta Mahapatra in the rank of Chief General Manager, imposing a penalty of Rs. 7 lakhs on NHAI under section 15A(b) of SEBI Act, 1992 (SEBI Act) for delayed disclosure of half-yearly unaudited financial results as required under Regulation 52(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations).
That comes after the NHAI approached the market regulator for an extension to file its unaudited half-yearly financials for the year ended March 31, 2019. SEBI conducted an inquiry found that the highways regulator had delayed filings by 4 to 78 days in the past.
“There was repeated failure (seven instances during FY 2015-16 to FY 2018-19) on the part of the Noticee regarding compliance with the provisions of Regulation 52(1) of LODR Regulations.”, SEBI said in an order.
Read SEBI Order:
