Pursuant to Reg. 30 read with Para A of Part A of Schedule III of SEBI LODR Regulations, we hereby inform you that the company has received an Administrative Warning and Advisory Letter ....
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SEBI has issued an Administrative Warning and Advisory Letter to U.P. Hotels Limited for violations of SEBI LODR Regulations. The company failed to adequately disclose material regulatory developments regarding its voluntary delisting process, including applications for relaxations/exemptions made to SEBI, conditions imposed, and outcomes. SEBI found that while certain requests were granted, subsequent requests were not acceded to, but this information was not comprehensively shared with shareholders. Additionally, the company has not achieved 100% dematerialization of promoter shareholdings as required under Regulation 31(2), despite earlier advisories from SEBI. The company has been directed to make comprehensive disclosures within 15 days and submit an action taken report. SEBI has warned that failure to comply may result in enforcement action under the SEBI Act, 1992.
This is a regulatory warning rather than a financial penalty, but it highlights compliance deficiencies in disclosure practices and shareholder dematerialization. While the company states there is no financial impact, the warning may signal ongoing scrutiny around the voluntary delisting process and could concern investors closely following this matter.