𝐑𝐞𝐠𝐬𝐭𝐫𝐞𝐞𝐭 𝐋𝐚𝐰 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐬 𝐒𝐞𝐜𝐮𝐫𝐞𝐬 𝐋𝐚𝐧𝐝𝐦𝐚𝐫𝐤 𝐄𝐱𝐨𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐫 𝐏𝐢𝐫𝐚𝐦𝐚𝐥 𝐆𝐫𝐨𝐮𝐩 𝐮𝐧𝐝𝐞𝐫 𝐒𝐄𝐁𝐈 𝐒𝐞𝐜𝐭𝐢𝐨𝐧 15-𝐈(3) 𝐑𝐞𝐯𝐢𝐞𝐰

Regstreet Law Advisors successfully represented Piramal Pharma Ltd (PPL), a publicly listed entity, in SEBI’s Section 15-I(3) review proceedings under the SEBI Act. The case involved allegations of non-disclosure of material events under SEBI‘s Listing Regulations.

In an earlier decision on August 31, 2024, SEBI’s Adjudicating Officer (AO) had concluded that PPL, a demerged entity from Piramal Enterprises Limited (PEL), could not be held liable for disclosure violations regarding events that occurred prior to PPL’s incorporation, while suggesting that SEBI is free to initiate action against PEL which was and continues as a listed company. However, SEBI exercised its rare authority to review this order under Section 15-I(3), with the matter reviewed by the Whole-Time Member (WTM).

Through meticulous submissions, the Regstreet team demonstrated and Ld. WTM held that the show-cause notice contained only general allegations, failing to specify how the events in question violated Regulation 30(4)(i) or PEL’s materiality policy under Regulation 30(4)(ii). Convinced by the arguments, the WTM issued a full exoneration, noting insufficient evidence to substantiate any alleged violations.

Regstreet Law Advisors team consisting of Mr. Sumit Agrawal, Mr. Rushin Kapadia, Mr. Kavish Garach, and Ms. Anushka Fuke, Advocates represented Piramal Group, led by Senior Counsel Mr. Pesi Modi.

This landmark order is available publicly on SEBI Website and also with editorial notes at Taxmann publications for future citations.

Readers can also see the Bar and Bench article at https://lnkd.in/dZKvUc6f

BW Businessworld article can be seen at https://lnkd.in/dGJpTpMd

Regulatory law enthusiasts are encouraged to share their views with Regstreet Law Advisors at info@regstreetlaw.com.

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