MUMBAI : Securities and Exchange Board of India (Sebi) haimposed a penalty of ₹7 lakh on the National Highways Authority of India (NHAI) for delay in disclosing financial results.
The market regulator observed that NHAI had delayed filing half yearly financial results between FY16 and FY19. The delays ranged from 4 days to 78 days. According to Sebi’s listing obligation and disclosure norms (LODR), the half yearly results have to be filed within 45 days from the end of the half year. Despite a warning by the market regulator on 21 September 2018, NHAI did not submit the financial results on time.
In its reply to the Sebi inquiry, NHAI said the board could not convene on time due to board members being preoccupied.
