Markets regulator SEBI has imposed a penalty of Rs 6 lakh on Monnet Ispat & Energy for disclosure lapses. SEBI had conducted probe regarding the company's compliance with provisions of LODR (Listing Obligations and Disclosure Requirements) norms.
The probe found that the company, in its quarterly financial statements for the period ended December 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016, failed to disclose to BSE the extent and nature of security created and maintained with respect to its listed non-convertible debentures (NCDs), as required under LODR Regulations.
Monnet Ispat and Energy is a holding company. The company is engaged in the business of conducting coal mining operations and manufacturing coal-based sponge iron and various other steel/iron-based products.
