NEW DELHI, Feb 23: Kalyani Steels Ltd (KSL), BF Utilities, and former KSL compliance officer Deepti R Puranik have settled a Sebi case over alleged violations of disclosure and related-party transaction norms by paying a combined Rs 4.12 crore.
Sebi’s investigation, spanning FY 2009-10 to FY 2021-22, found that KSL and BF Utilities entered into several related-party transactions without prior approval from the audit committee or shareholders, and failed to disclose some transactions in quarterly filings to stock exchanges.
Puranik was held accountable for oversight lapses in ensuring compliance.
As part of the settlement approved on February 12, 2026, KSL paid Rs 2.8 crore, Puranik Rs 95.55 lakh, and BF Utilities Rs 36.28 lakh. Sebi retains the right to reopen the case if settlement terms are breached or misrepresentation is found. (PTI)
