SEBI has issued an administrative warning to Kolkata-based Linde India for delay in making a disclosure to the stock exchanges.
The markets regulator observed that Linde had made a disclosure on September 22, 2020, regarding a communication it received from Inox Air Products Ltd (IAPL) about the inability of IAPL to acquire its Belloxy business.
SEBI said the aforesaid communication of IAPL was received by Linde India on September 1, 2020, and disclosure of the same was made on September 22, 2020.
The regulator underscored that in terms of Listing Obligations and Disclosure Requirements (LODR), 2015, disclosure updating material developments are required to be made regularly within 24 hours of occurrence of an event or information.
“In view of the said provision, Linde India has complied with the provision of….LODR Regulations, 2015 with a delay of 20 days, which is a violation of the aforesaid regulations.
“The aforesaid non-compliances are viewed seriously. You are hereby warned and advised to ensure compliance with all applicable provisions of SEBI regulations,” the markets regulator said in its letter to the Company.
SEBI cautioned that any such aberration in future would be viewed seriously and appropriate action would be initiated.
Linde India, in its stock exchange filing, said it had provided necessary justification to the National Stock Exchange of India (NSE) in response to its queries about the delay in the aforesaid disclosure for its consideration.
Linde India Ltd (formerly BOC India Ltd) is an industrial gases and engineering company.