sebi:EAD/PM-AA/AO/33/2017-18
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 21
- s. 23
- s. 23E
- s. 23J
- s. 23I
Parties
- Prakash Constrowell Limited
Holding
The Noticee violated Clause 43A and Clause 32 of the Listing Agreement read with Section 21 of the SC(R) Act, 1956 by failing to disclose material deviations in the use of issue proceeds for the quarters ended March 2012 and June 2012, and by failing to disclose related party transactions of Rs. 17.63 crore in its Annual Report for 2011-12. A monetary penalty of Rs. 2,00,000 was imposed under Section 23E of the SC(R) Act, 1956.
Full text
Adjudication Order in respect of Prakash Constrowell Limited Page 2 of 9 the payment of Rs. 2.36 crore in its Annual Report (“AR”) for the year 2011-12 but did not disclose the Related Party Transactions of the remaining Rs. 17.63 crore given to subsidiaries as advance in AR 2011-12 as stipulated in Clause 32 of Listing Agreement.
Adjudication Order in respect of Prakash Constrowell Limited Page 3 of 9 documents relied upon in the SCN were provided to the Noticee along with the SCN.
Adjudication Order in respect of Prakash Constrowell Limited Page 4 of 9 CONSIDERATION OF ISSUES AND FINDINGS 7. I have perused the written submissions of the Noticee and the documents available on record. The issues that arise for consideration in the present case are : a. Whether Noticee violated Clause 43A and 32 of the Listing Agreement read with Section 21 of SC(R) Act, 1956? b. Does the violation, if any, attract monetary penalty under section 23E of SC(R) Act, 1956? Issue I - Violation of Clause 43A and 32 of the Listing Agreement
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Source: SecMarx — sebi:EAD/PM-AA/AO/33/2017-18. 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.