Emmbi Industries Ltd has paid Rs12.35 lakh to settle adjudication proceedings initiated by market regulator Securities and Exchange Board of India (SEBI) for reporting one of its directors as an independent director in its corporate governance report and as part of the promoter and promoter group in its shareholding pattern report. SEBI had initiated proceedings against Emmbi Industries under Section 15-I of the SEBI Act, 1992 and Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995. The company was accused of violating provisions of Regulation 16(1)(b)(ii) and Regulation 31(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The case arose when SEBI alleged that the company had reported one of its director

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