Market regulator Securities and Exchange Board of India (SEBI) has issued a show cause notice to Yashish Dahiya, chairman and CEO of PB Fintech Limited, for acquiring 26.72 per cent stake in YKNP Marketing Management for $2 million, the company informed in a stock exchange filing on Thursday.
“The SCN relates to an investment of $2 million by Dubai PB Fintech FZ-LLC for 26.72% equity stake in YKNP Marketing Management (an unrelated party) on November 17, 2022, which was not considered to be unpublished price sensitive information (UPSI) as the value of the transaction was not material,” the exchange filing said.
The company said it is considering legal opinions on the matter to take appropriate measures with regard to SCN. PB Fintech maintains that there will be no material impact on its finances and operations.
Sebi issued a show cause notice through an email communication dated June 5, 2024.
More to come….
