Disclosure Regarding Imposition of Penalty Under Regulation 30 of the SEBI (LODR) Reg, 2015
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Patel Engineering Ltd has disclosed a penalty of Rs. 14 lakhs imposed by the Forest and Environment Department, Namthang, South Sikkim. The penalty is for operating a 200 THP Stone Crusher Plant at Thalthaley Pamphok, Sikkim without obtaining the mandatory operational license. The stone crusher was part of the Teesta Stage-VI Hydro Electric Project (500 MW) valued at Rs. 1,251 crore, awarded by NHPC in 2021. The company states it had obtained consent to operate from the department, but was not informed about the separate mandatory operational license requirement. The penalty covers three years (2022-23, 2023-24, and 2025-26). The company has decided to pay the penalty and obtain the required license.
The financial impact is not considered material by the company, and operations at the project site continue unaffected. However, this disclosure under SEBI regulations may attract negative investor attention due to the regulatory non-compliance finding.