Tatva Chintan Pharma Chem Limited - Updates

13 Jan 2022 , 12:00 AM

Tatva Chintan Pharma Chem Limited has informed the Exchange regarding Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015 as amended, we hereby inform that with reference to the subject mentioned above and Point no. 28 on Page no. 36 and 37 of RHP, the Company had moved Adjudication Application before the office of ROC on suo-moto basis in April 2021. In the said Adjudication Application, We have received an order from the office of ROC with a penalty on the Company, its three directors and two key managerial personnel. The details of the same are: A.At the time of becoming the party: Sr. No. Particulars Submission 1. Brief details of litigation viz. name(s) of the opposing party, court/tribunal/agency where litigation is filed, brief details of dispute/litigation During RHP/ IPO, Company has found that it has not complied with the section 42 of the Companies Act, 2013 w.r.t. opening of separate bank account for depositing the share application money in the year 2015. Accordingly, the same was disclosed in RHP (Refer point no: 28 on Pg. No. 36 and 37). Adjudication Application was submitted on suo-moto basis before the office of ROC in April 2021. Company being an aggrieved party, has decided to appeal against the said order before office of Regional Director, NWR, MCA. 2. Expected financial implications, if any, due to compensation, penalty etc. Rs. 1 crore to the company and Rs. 20 lakhs each to three directors and two key managerial personnel. As the company has preferred an appeal in the matter, payment of the penalty shall be depending upon the order to be issued against the appeal. 3. Quantum of claims, if any Not Applicable B.Regularly till the litigation is concluded or dispute is resolved: 1. The details of any change in the status and/ or any development in relation to such proceedings Company being an aggrieved party, has decided to appeal against the said order before office of Regional Director, NWR, MCA. pursuant to Section 454(5) of Companies Act, 2013. 2. In the case of litigation against key managerial personnel or its prompter or ultimate person in control, regularly provide details of any change in the status and/ or any development in relation to such proceedings Not Applicable 3. In the event of settlement of the proceedings, details of such settlement including- terms of settlement, compensation/penalty paid (if any) and impact of such settlement on the financial position of the listed entity Not Applicable The out come of the appeal shall also be shared in due course of time. You are requested to take note of the same..