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| Exchange Received Time 29/12/2017 16:43:42 Exchange Disseminated Time 29/12/2017 16:43:48 Time Taken 00:00:06 | The Company has learnt that SEBI uploaded on its website an order dated December 27, 2017 passed by an adjudicating officer of SEBI (Ref no Adjudication Order No RA/DPS/271/2017) imposing a monetary penalty of Rs 8 lacs on Shri R. S. Agarwal,Executive Chairman of the Company,for answering a question put to him by a reporter during the course of a telephonic conversation that occurred more than seven years ago.
The Chairman has informed the Company that the findings in the SEBI Order are without merit and he is in the process of consulting his legal advisors to prefer an appeal before the Hon'ble Securities Appellate Tribunal, to vindicate his stand in the matter.
We are addressing this communication to the exchanges as a measure of good corporate governance in the interests of our investors and stakeholders to enable them to take informed decisions and to set at rest any scope for uninformed speculation and misinformation.
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