Garware Hi-Tech Films Limited — Important, 07-12-2024: General Updates

A violation of the Code of Conduct was reported by Garware Hi-Tech Films Limited, involving an immediate relative of a connected person. Mrs. Priti Mehta, related to an ex-employee, executed a contra trade involving 200 shares sold at an average rate of Rs. 3,406, resulting in a loss of Rs. 51,235. The Audit Committee imposed a penalty of Rs. 50,000, asserting that the profit must be disgorged. An amount of Rs. 1,02,451 has already been deposited to the SEBI IPEF account by Mrs. Mehta. Furthermore, she has been cautioned to adhere strictly to the Code of Conduct in the future, emphasizing the need for compliance due to the previous position of the connected person who was the CFO. This development indicates a commitment to maintaining integrity and regulatory compliance as the company navigates potential operational risks. Investors should watch closely as this enforcement reflects the company's governance practices.