sebi:CFD-DCR/MFCL/AO/DRK-DS/EAD3-502/46-2014
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 8(3)
Parties
- Mafatlal Finance Company Limited (Currently known as Hybrid Financial Services Limited)
Holding
The noticee delayed yearly disclosures under Regulation 8(3) of the SAST Regulations for 10 years and is liable under Section 15A(b) of the SEBI Act; a penalty of Rs 8,00,000 is imposed.
Full text
Page 2 of 8 SHOW CAUSE NOTICE, HEARING AND REPLY 3. A Show Cause Notice no. A&E/EAD-3/DRK-DS/2312/2014 dated January 21, 2014 (hereinafter referred to as 'SCN') was served on the noticee in terms of the provisions of Rule 4 of the Rules, requiring it to show cause as to why an inquiry should not be held against the noticee and why penalty, if any, should not be imposed on it under Section 15A(b) of the SEBI Act for the alleged violation of the provision of Regulation 8(3) of the SAST Regulations.
Page 3 of 8 record. The said SCN was sent through Hand Delivery Acknowledgement Due (HDAD). 6. However, the said SCN came back undelivered with the remark "left". Thereafter, vide letter dated January 31, 2014, the SCN was forwarded to the new address of the noticee through HDAD and was served on the noticee.
Page 4 of 8 compromise was duly sanctioned by the Hon'ble High Court subsequently and complied by the company in its entirety. Due to significant erosions in net worth, the company had to carry out a reduction of its capital under the relevant sections of the Companies Act which were also approved by the Hon'ble Bombay High Court. g. In lieu of the fact that the trading in the company shares continue to remain suspended and notwithstanding the fact that such repetitive delayed submission of the regulations are unlikely to cause any loss or gain, the delay in submission needs and is requested to be condoned. h. It is pertinent to mention that there are adjudications proceedings against the company by the Income Tax Department for its dues of a substantial amount and there are also other proceedings against the Company.
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Source: SecMarx — sebi:CFD-DCR/MFCL/AO/DRK-DS/EAD3-502/46-2014. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.