Mumbai, Jan 22 (IANS) Textiles major Raymond on Tuesday said it is working with its legal advisors to resolve the issues raised in the show cause notice to the company served by market regulator Securities and Exchange Board of India (Sebi).
Referring to a media report appearing on Monday in this regard, Raymond said in a stock exchange filing that the matters raised in the Sebi show cause notice are “procedural and technical” in nature and the company is in the process of resolving the issues.
“Please note that the subject show cause notice received from Sebi is in respect of matters which are procedural and technical by nature. We are working with our legal advisors and are in the process of resolving the said issues,” Raymond said.
“The company has complied and shall continue to comply with provisions of applicable laws, including Regulation 30 of Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR),” it added.
Citing the regulator’s show cause notice, a media report on Monday said Sebi has alleged multiple securities market violations by Raymond.
The allegations include failure to obtain necessary approvals for related party transactions in the JK House episode, corporate governance violations for non-disclosure of material information about litigations and non-compliance of shareholder reclassification norms.
According to Sebi, Raymond did not take necessary approvals for the related party transaction involving lease of JK House in Mumbai to some of the promoters between 2007-2017.