Ex-Independent Director Parpia Resolves SEBI Case With Rs 21.45 Lakh Settlement

Manu M. Parpia, a former Independent Director of Nesco Limited, resolved a case of alleged disclosure violations with the Securities and Exchange Board of India (SEBI) by paying Rs 21.45 lakh in settlement charges.

SEBI initiated an investigation following a report from Stakeholders Empowerment Services in October 2023, which alleged that Parpia exceeded his tenure as an Independent Director after it ended in May 2022. SEBI also alleged that Parpia made a misleading declaration about his independence during his appointment in July 2023. Without admitting or denying the allegations, Parpia proposed settlement terms, which SEBI accepted. The regulator confirmed receipt of the settlement amount and issued an order disposing of the proceedings.