HCL Infosystems Limited has informed the Exchange about intimation under Regulation 30 of SEBI (LODR) Regulation, 2015
HCL-INSYS · price
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HCL Infosystems has informed the exchanges that a 2016 complaint case under the Legal Metrology Act, 2009, filed in Nelamangala court, has been disposed of as compounded. The case related to non-bailable warrants issued earlier against some directors, ex-directors, and ex-employees over retail sale price declarations on pre-packed packages. The company paid a compounding fine of INR 3,77,000 under Section 48 of the Act to settle the matter. The court accepted the compounding and closed the complaint against all concerned individuals. The company has confirmed there is no material financial implication from this settlement.
This is a positive development for shareholders as a long-pending legal overhang from 2016 has now been resolved with a small penalty of just INR 3.77 lakh and no financial impact on the company. Removing this uncertainty should be mildly positive, though the amount involved is trivial relative to the company's operations.