SEBI alleges Madhav Copper delayed GST search disclosure

This order addresses alleged violations by Madhav Copper Limited regarding the delayed or non-disclosure of material events related to GST authority actions, such as searches, asset attachments, and registration cancellation, in violation of SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations.

Madhav Copper Limited

• SEBI alleged the company violated LODR Regulations by delaying disclosure of a GST search and provisional attachment of assets in July 2021.
• SEBI alleged the company failed to disclose actions initiated under the CGST/GGST Act and the cancellation of its GST registration.
• The company admitted to unintentional delays and inadvertent mistakes but argued it acted in good faith and relied on materiality policies.
• The company initially filed for settlement but later rejected the settlement terms, leading to the resumption of adjudication proceedings.
• The Adjudicating Officer is examining whether the violations attract a monetary penalty under Section 15A(b) of the SEBI Act.

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