PC Jeweller settles case with SEBI
Earlier, the country's capital market regulator, Securities and Exchange Board of India (SEBI) issued a show-cuse notice to PC Jeweller over certain violations related to disclosure norms.
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07:58 PM IST
PC Jeweller Settles Case: New Delhi-headquartered PC Jeweller—a manufacturer, exporter and retailer of gold and diamond jewellery—on Friday settled a matter with the Securities and Exchange Board of India (SEBI). The country's capital market regulator had sent a notice to the private sector jewellery firm upon detecting alleged violations in its disclosure norms.
PC Jeweller paid a sum of Rs 7.2 crore to the market regulator to settle the matter.
SEBI's notice mentioned delayed disclosures related to loan defaults and resolution plans, as well as non-disclosure in case of bank notices.
Regulatory norms in India require listed companies to disclose defaults on payment of interest or repayment of principal amount on loans from banks and financial institutions in a timely manner. Listed companies are also required to file timely disclosures on loan agreements for lending with certain exceptions.
ALSO READ: Gold price tops Rs 80,050 per 10 gm levels, silver scales Rs 92,000/kg levels
Earlier on Friday, PC Jeweller shares ended 1.5 per cent lower at Rs 14.3 apiece on BSE in a falling market where the benchmark indices declined about half a per cent each.
Meanwhile, with the earnings season gathering steam on Dalal Street, PC Jeweller has yet to release its financial results for the quarter ended December 31.
PC Jeweller shares, a multibagger on Dalal Street, have rewarded investors with a 170 per cent return in the past one year, marking multi-fold growth over the headline Nifty50 index's 7.6 per cent rise.
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