Disclosure violations: Sun Pharma, top execs seek Sebi's consent settlement

Regulator initiates proceedings for disclosure violations

Drugmaker Sun Pharmaceuticals (Sun Pharma), its key managerial staffers, and directors have filed a consent plea before the Securities and Exchange Board of India (Sebi) for settling a dispute pertaining to alleged violations of disclosure norms involving its key distributor and subsidiary Aditya Medisales (AML).

Sebi has initiated adjudication proceedings against the pharma major and its directors under Section 15 of the Sebi Act, which deals with penalty.

It issued show-cause notices during the lockdown, alleging violation and seeking explanation as to why financial penalties should not be imposed, said two people with direct knowledge of the matter.

Under the