Sebi bars Urja Global, four individuals from securities market for 2 years

Various disclosure lapses were observed

AgenciesUpdated: Monday, May 16, 2022, 09:46 PM IST
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The directions are part of a 56-page order passed by the watchdog on Friday about the matter back in March 2021. /Logo |

Sebi has barred Urja Global and four individuals from the securities market for various disclosure lapses and also directed the firm to obtain a practicing company secretary's certificate of authenticity for corporate announcements to be made in the next three years.

The directions are part of a 56-page order passed by the watchdog on Friday about the matter back in March 2021. Sebi, which examined the period from April 2018 to August 2019, found alleged lapses, including making an artificial scheme for a corporate announcement in connection with Nippon Shinyaku, which was false and misleading.

''Further, the company also allegedly failed to disclose the material fact that Nippon Shinyaku vides its email dated September 5, 2019, had explicitly indicated to Urja Global that no dealings of the kind described by Urja Global had been undertaken by Nippon Shinyaku or any of its Directors, specifically by Prof Yukio Sugiura,'' the order said.

Various other disclosure lapses were also observed.

For the violations, Sebi has barred Urja Global and the four individuals from dealing in the securities market for two years. The individuals are Yogesh Kumar Goyal, Sunil Kumar Mittal, Priya Bhalla, and Avinash Kumar Agarwal. They have also been prohibited from being associated with any public company which intends to raise money from the securities market.

The regulator has also warned two individuals -- Aditya Venkatesh and Bharat Pranjivandas Merchant -- about the disclosure lapses.

Further, Sebi has directed Urja Global to obtain a certificate of authenticity for corporate announcements to be made in the next three years from a practicing company secretary.

In the certificate, the company will have to give the status of the corporate announcements for the last ten years from time to time and it will make sure that the firm will comply with the LODR (Listing Obligations Disclosures Requirements) regulations, the order said.

(With PTI inputs)

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