White Organic Agro Limited, in its communication to the BSE and NSE on March 29, 2025, provided an update regarding the settlement of a legal proceeding initiated by the Securities and Exchange Board of India (SEBI). The company disclosed that Mrs. Jigna Thakkar, an Independent Director of the company, received a Settlement Order from SEBI, dated March 5, 2025. The settlement process follows allegations regarding financial irregularities and related party transactions.

The SEBI Settlement Order is in response to an investigation that was launched following complaints received between December 2021 and September 2023. The complaints primarily dealt with irregularities regarding misstated financial statements, fictitious transactions, and falsified attendance records for Board and Audit Committee meetings during the financial years 2020-21 to 2022-23. The allegations were associated with both White Organic Agro Ltd (WOAL) and Add-Shop E-Retail Limited (ASERL).

In its order, SEBI disposed of the interim show-cause notice issued earlier on May 6, 2024, after the settlement amount had been paid by the concerned parties. This settlement aims to conclude the matter without the admission of guilt or denial of facts by the involved individuals. The specific settlement amounts, as mentioned, were INR 13,65,000 each for five individuals, including Jigna V. Thakkar, as detailed in the SEBI Settlement Order.

The management of White Organic Agro Ltd expressed that the Settlement Order does not foresee any significant financial impact or disruption to the company's operations, as the allegations were settled specifically against its Independent Director. The company also highlighted that SEBI has acknowledged the receipt of the settlement amounts and confirmed that the proceedings are now closed in terms of the settlement agreement.

While the matter is settled, SEBI has clarified that it retains the right to take further action in case of any discrepancies, such as misrepresentation in settlement proceedings or any breach of terms agreed upon during the settlement. The company has disclosed this matter to the exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, ensuring compliance with the mandated disclosure requirements.

For further details, the company has also shared a copy of the Settlement Order as an annexure to its communication. This event has been publicly disclosed on both the BSE and NSE platforms.

In conclusion, White Organic Agro Ltd remains compliant with SEBI regulations, ensuring that the resolution of the matter is in the best interests of all stakeholders, and no material operational impact is expected from this settlement.

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