Reliance Communications settles case with regulator Sebi

Sebi said in an order on Friday that the case had been settled after payment of `62.40 lakh towards settlement charges.

Published: 10th November 2018 06:55 AM  |   Last Updated: 10th November 2018 06:55 AM   |  A+A-

A Reliance Communications store (File | Reuters)

By Express News Service

NEW DELHI: Reliance Communications has settled a case with markets regulator Sebi over non-compliance with listing norms, including alleged failure to promptly inform about interest payment default on debentures, according to an order. The company also settled the issue of non-cooperation with credit rating agencies and debenture trustee that were in violation of listing norms.

Sebi said in an order on Friday that the case had been settled after payment of `62.40 lakh towards settlement charges.“The proceedings that could have been initiated for the defaults... are settled qua the applicant,” the order said. Now Sebi will not initiate any enforcement action against the applicant.
The order came after RCom filed a suo-moto application with Sebi to settle the case.

The representatives of the company had a meeting with the internal committee of Sebi in March 9, wherein the settlement terms were deliberated. Sebi’s High Powered Advisory Committee recommended the case for settlement on the payment of Rs 62.40 lakh by the applicant.

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