PC Jeweller, a prominent player in the share market, has recently been served a show-cause notice by the Securities and Exchange Board of India (SEBI). The notice accuses the company of non-compliance with listing and disclosure requirements as per the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and a SEBI circular dated November 21, 2019.
The allegations stem from supposed non-compliance with disclosure provisions related to the company’s accounts turning into non-performing assets (NPA), legal cases, and resolution plans. Despite PC Jeweller claiming to have disclosed the necessary information in its quarterly results and presentations, SEBI has taken action.
As of now, all legal cases involving PC Jeweller are still pending, awaiting a final ruling. The company is confident that these alleged non-compliances fall under the settlement mechanism outlined in the SEBI (Settlement Proceedings) Regulations, 2018.
PC Jeweller is currently seeking legal counsel to address the show-cause notice and will take appropriate measures in due course. In light of these developments, the company’s shares in the share market have been trading at Rs 62.26, experiencing a 5% decrease.
Despite the situation, PC Jeweller remains steadfast in its commitment to transparency and compliance within the share market, and is dedicated to resolving this issue amicably.
