Disclosure lapses: Sebi bars Urja Global, four individuals from securities market for 2 years

Sebi has barred Urja Global and four individuals from the securities market for various disclosure lapses and also directed the firm to obtain a practising company secretary’s certificate of authenticity for corporate announcements to be made in the next three years.

The directions are part of a 56-page order passed by the watchdog on Friday about the matter back in March 2021. Sebi, which carried out an examination for the period from April 2018 to August 2019, found alleged lapses, including making an artificial scheme for a corporate announcement in connection with Nippon Shinyaku, which was false and misleading.

"Further, the company also allegedly failed to disclose the material fact that Nippon Shinyaku vide its email dated September 5, 2019, had explicitly indicated to Urja Global that no dealings of the kind described by Urja Global had been undertaken by Nippon Shinyaku or any of its Directors, specifically by Prof Yukio Sugiura," the order said. Various other disclosure lapses were also observed.