Sumeet Industries has informed that an order dated December 21, 2021 (SAT Order) has been passed by the Hon'ble Securities Appellate Tribunal in relation to an Appeal filed by various promoter and promoter group entities of the Company. The Appeal was against an order of the Securities and Exchange Board of India (SEBI) computing disgorgement of alleged unlawful gains. The SAT Order inter alia remands the matter back to SEBI after partly allowed the appeal for computation of the amount within four weeks. The promoters and promoter group entities are considering legal options in consultation with their advisors.
The above information is a part of company’s filings submitted to BSE.
