The Securities Appellate Tribunal (SAT) has set aside a Sebi order, which imposed a penalty of Rs 7 lakh on National Highways Authority of India for the delay in filing financial results.
The regulator had in May levied the fine on NHAI as it did not submit the financial results on time for the half-year ended September 30, 2018, and March 31, 2019, as required under theLODR (Listing Obligations and Disclosure Requirement) Regulations.
National Highways Authority of India (NHAI) is listed on BSE and NSE in pursuance of a listing agreement for debt securities and, therefore, is subject to the provisions of the LODR Regulations.
Under the LODR Regulations, an entity is required to file the unaudited half-yearly financial results within 45 days from the end of the half financial year.
