PG ELECTROPLAST LTD. - Updates

An adjudication order dated August 2, 2017 has been passed by Adjudicating officer (AO) of SEBI in the matter of alleged irregularities in IPO of the Company in 2011.<BR> <BR> In this matter a show cause Notice dated September 11, 2013 was issued by AO. SEBI initiated adjudication proceedings under the Act to inquire into and adjudge the alleged violations of certain Section/regulation of the SEBI Act 1992; PFUTP Regulations; ICDR Regulation by the Company and its directors namely, Mr Pramod Gupta, Mr Anurag Gupta, Mr Vishal Gupta & Mr Vikas Gupta. <BR> <BR> Now, vide order dated August 2, 2017 Adjudicating officer of SEBI has imposed monetary penalties of Rupees One Crore on the Company and Rupees One Crore on each of four directors (mentioned in above paragraph) for the violation of ICDR Regulations. As regards the violation of the provisions of PFUTP Regulations by the Company and its directors, AO find that the Hon'ble SAT (Order dated August 30, 2016) has not found merit in the said allegations.<BR>