Sebi issued show cause notices (SCN) to Khera, Leilani, Arora, Ravichandra Adusumalli, Mark Schwartz, Pallavi Shardul Shroff and Douglas Fagin on May 17, 2024, seeking their reply as to why the probe should not be investigated and fined. be imposed against them.
A six-page order issued by the regulator stated that Khera had failed to ensure compliance with regulatory provisions applicable to listed entities in violation of LODR Regulations, 2015.
Meanwhile, independent directors Leilani and Arora, being part of the NRC, failed to discharge their duties with an impartial and independent approach while taking decisions in respect of matters related to benefits to the company’s MD and CEO Vijay Shekhar Sharma and his relatives, the order read.
The directors approved and signed offer documents containing false statements and incomplete disclosures, it noted.
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Their petitions were placed before an internal committee of SEBI held on August 27, 2024.
Then the internal committee through Leilani and Arora paid Rs. 53.62 lakhs was recommended for settlement on payment. It also recommended payment of Rs 11.05 lakh crore by Khera. An amount of 42.90 lakhs was recommended for the rest.
The case was later placed before the High Powered Advisory Committee (HPAC) for conciliation, to which the HPAC agreed.
Also Read: Tech Mahindra Q3 Results: Cons PAT up 93% YoY to Rs. 983 crore, revenue up 1%
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