SEBI’s Show-Cause Notice to PC Jeweller for Alleged Non-Compliance with Disclosure Rules

New Delhi, March 5 (IANS) – PC Jeweller has recently received a show-cause notice from the Securities and Exchange Board of India (SEBI) for alleged non-compliance with listing and disclosure requirements. The notice pertains to certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and a SEBI circular dated November 21, 2019, specifically related to disclosures on the company’s accounts turning NPA/legal cases/resolution plan.

According to PC Jeweller, the company has been consistently disclosing the necessary information in its quarterly results and presentations. They believe that the show-cause notice is unlikely to have any significant impact on the company’s financial or operational activities, as the information in question is already in the public domain. Additionally, all legal cases are currently sub-judice without any final ruling or judgment.

The notice also outlines a settlement mechanism under the SEBI (Settlement Proceedings) Regulations, 2018. PC Jeweller stated that they are seeking legal advice on the matter and will take appropriate action in due course. Despite this development, the company’s shares were trading at Rs 62.26, down 4.99 per cent and locked in the lower circuit of 5 per cent on Tuesday.

In response to the show-cause notice, PC Jeweller remains confident in their compliance with regulations and their commitment to transparency in disclosures. The company is prepared to address the allegations through the appropriate legal channels while continuing to focus on their operations and financial stability.