Co tries to delist for nearly a third of its book value; Sebi fines co and its independent directors

The Securities and Exchange Board of India (Sebi) has imposed fines on Hexa Tradex, its independent directors, and the acquirers involved in a controversial delisting proposal. \r

The company and its directors, Raj Kamal Aggarwal, Ravinder Nath Leekha, Vinita Jha, and Girish Sharma, were fined Rs 5 lakh and Rs 2 lakh each, respectively, for violating Delisting Regulations. Sebi also fined acquirers Siddheswari Tradex P Ltd, Innox Global Multiventures P Ltd, Opelina Sustainable Services P Ltd, and JSL Limited Rs 5 lakh each, along with a Rs 2 lakh fine on compliance officer Pravesh Srivastava. \r

The penalties stemmed from a lack of reasoned recommendation by the Committee of Independent Directors (IDC) regarding the delisting proposal, which offered significantly lower than the company's book value. Additionally, Sebi noted lapses in corporate governance and regulatory compliance in its investigation into the matter.