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Kainaz Khurshed Daruvala, who is part of the promoter group of Sterling and Wilson Renewable Energy Limited, has filed for a settlement with market regulator SEBI for the delay in disclosing the acquisition of shares from her husband.
Daruvala had acquired 1,30,00,000 equity shares, equal to an 8.11 per cent stake in Sterling and Wilson Renewable Energy Limited (formerly known as Sterling and Wilson Solar Limited), from her husband, Khurshed Yazdi Daruvala, as a gift on December 23, 2020, through an off-market transfer. This reduced Khurshed’s stake to 17.63 per cent from 25.74 per cent.
Renewable energy sector makes a record new addition of 5,730 MW in H1 FY22
The disclosure of this transaction was due by December 16, 2020, but made on November 22, 2021 — a delay of 341 days.
Kainaz Daruvala is filing a settlement application under the SEBI (Settlement Proceedings) Regulations, 2018, according to a stock exchange filing by the company.
Recently, Reliance Industries had announced it would acquire a 40 per cent stake in the Shapoorji Pallonji-backed company through a combination of primary investment, secondary purchase and open offer for around ₹2,850 crore.
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