SEBI begins adjudication proceedings against 20 companies

Mumbai, Sep 11 (UNI) Securities and Exchange Board of India (SEBI) has initiated adjudication proceedings against 20 companies, 15 of them private and five public, for non-compliance of corporate governance and listing norms.

SEBI's action was based on the quarterly report submitted by the stock exchanges, the Capital Market regulator said in a statement here today.

Of the 15 private sector companies, the SEBI has initiated proceedings against three companies for non-compliance with almost all the major provisions of Clause 49. It has launched adjudicator proceedings against two companies for non-compliance with provisions like Board and Audit committee composition and CEO and CFO certification.

The SEBI had launched proceedings against the remaining 10 companies, for non-submission of compliance reports on Clause 49 to the Stock Exchanges, the SEBI release said.

UNI