Godrej Agrovet has received a warning letter from SEBI concerning violations of disclosure norms related to the acquisition of Astec Lifesciences Limited. The warning pertains to delays in disclosing changes in shareholding. SEBI observed four instances of delayed disclosures ranging from 11 days to 2,725 days. The company has been advised to exercise caution in the future to avoid similar lapses.
Warning from SEBI
Godrej Agrovet has been issued an administrative warning by the Securities and Exchange Board of India (SEBI) due to violations related to disclosure requirements. The warning is in connection with the acquisition of Astec Lifesciences Limited.
Details of the Violation
The issue relates to delays in disclosing changes in shareholding following the mandatory open offer. Specifically, the company violated regulations regarding timely disclosure of shareholding changes exceeding 2%.
Instances of Delay
SEBI noted four instances of delay in making the required disclosures:
- February 9, 2017: Delay of 2,725 days
- March 20, 2019: Delay of 383 days
- February 28, 2020: Delay of 39 days
- March 27, 2020: Delay of 11 days
Company Response and Impact
Godrej Agrovet has been warned and advised to be more diligent in the future to prevent similar occurrences. The company states that the warning will not have a material impact on its financial operations or other activities.
Source: BSE