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Cupid Limited Settles SEBI Case with INR 19.5 Lakh Payment: Full Details on SEBI Order
Team Finance Saathi
21/Dec/2024
What's covered under the Article:
- Cupid Limited has paid INR 19.5 Lakh to settle the SEBI case related to LODR Regulation violations.
- The company settled without admitting or denying the charges under SEBI’s settlement procedure.
- The settlement has no material impact on Cupid Limited's financials or operations.
On December 20, 2024, SEBI issued a settlement order concerning Cupid Limited, a company known for manufacturing and exporting male and female condoms, lubricants, and in vitro diagnostics kits. This order addressed alleged violations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations), specifically relating to Regulation 30(2) and Paragraph A of Part A of Schedule III.
Cupid Limited had filed a settlement application in terms of the SEBI (Settlement Proceedings) Regulations, 2018, aiming to resolve the matter by neither admitting nor denying the findings of facts and conclusions of law. The company sought to settle the alleged violations with SEBI's approval. Following the settlement order, Cupid Limited agreed to pay a settlement amount of INR 19,51,300, as directed by SEBI.
The settlement was a result of Cupid Limited's failure to fully comply with the disclosure requirements under Regulation 30 of the LODR Regulations. These regulations mandate that listed companies must disclose any material events or information to the stock exchanges, ensuring transparency and protecting the interests of shareholders. In this case, the alleged violation occurred concerning the timely disclosure of certain developments.
Although the settlement amount has been paid, Cupid Limited has clarified that there is no material impact on the financials or operations of the company following this settlement. The company has also indicated that it has taken necessary steps to enhance its internal processes to comply with SEBI's regulations going forward. Cupid Limited's shareholders and stakeholders can rest assured that the matter has been resolved without any substantial financial consequences for the business.
As per the rules, the settlement order is publicly available and can be accessed on the SEBI website, as well as on the websites of the National Stock Exchange of India (NSE) and BSE Ltd. for transparency.
The impact on Cupid Limited’s operations remains minimal, and the company continues to operate as usual in its core business areas, including manufacturing condoms, lubricants, and diagnostic kits. The settlement is seen as an effort to close the matter without prolonged legal proceedings, allowing Cupid Limited to focus on its growth and market expansion.
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