Debt-ridden Daman-based packaging firm Radha Madhav Corporation ltd has come under the scanner of market regulator Securities and Exchange Board of India (Sebi) for violating its debt-settlement norms.
The case came to the notice of market regulator when the packaging firm announced the settlement of its debt of over Rs225 crore with the State Bank of India (SBI) through a Delhi-based Asset Reconstruction Company (ARC) in 2015 for Rs45 crore. “The regulator has started a probe and action will be taken against those found guilty,” a senior Sebi official told The Pioneer, requesting anonymity.