Following the development, the scrip rose 8.03 per cent to hit a high of Rs 365 on BSE.
The company and 12 individuals, who were directors of the company as on May 31, 2021, jointly paid Rs 72.76 lakh towards settlement. The settlement amount included Rs 44.26 lakh as legal costs, Sebi said in an order on Tuesday.
It was alleged that the applicants had failed to obtain a registered valuer’s report in accordance with the company’s Articles of Association (AoA) and also failed to take into account the interests of all the stakeholders by not accounting for control premium in the pricing of the preferential issue.
In addition, the applicants had allegedly failed to make adequate and timely disclosures to the stock exchanges about material information. Through such acts, they allegedly flouted LODR rules.