NEW DELHI: On Tuesday, Jaypee Infratech said that SAT has set aside a SEBI order which imposed a penalty of Rs. 7 lakh on the company for disclosure lapses.

Jaypee Infratech had filed an appeal against the SEBI order with SAT.

Jaypee Infratech shared “The matter was listed today i.e. July 12 and the SAT has allowed the appeal filed by the company and have set aside the order of SEBI imposing the penalty,”

“The above is based on the proceedings as transpired virtually and we shall upload the Order once the same is made available,” it added further.

According to the SEBI order in March, the company didn’t make disclosures about a series of non-convertible debenture (NCD) securities issued and listed by it, as required under market norms.

Jaypee Infratech also failed to inform BSE of the default in payment of interest/principal in respect of various series of NCDs, apart from other disclosure lapses.

The company went into insolvency in August 2017 after the NCLT admitted an application by an IDBI Bank.

Suraksha group received the approval of financial creditors and buyers to take over Jaypee Infratech in June previous year. It raised buyers’ hope of getting possession of their flats.

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