sebi:EAD/SR/SJ/AO/44/2018-19
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Facts / Headnote
Penalty of Rs. 2,00,000 imposed under Section 23E of SCRA
Provisions invoked
- s. 21
- s. 23
- s. 23E
- s. 23J
Parties
- Acclaim Industries Limited
Holding
The Noticee violated Clause 36(7)(ii) of the Equity Listing Agreement read with Section 21 of SCRA by failing to disclose the February 18, 2012 Board decision not to merge with Database Software Technology Private Limited, and a monetary penalty of Rs. 2,00,000 under Section 23E of SCRA was imposed.
Full text
Adjudication Order against Acclaim Industries Limited in the matter of Acclaim Industries Limited. Page 2 of 9 alleged violations of provisions of Clause 36(7)(ii) of Equity Listing Agreement read with Section 21 of SCRA by the Noticee. Subsequently, the matter was transferred to me and I was appointed as the Adjudicating Officer vide order dated July 10, 2017. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING
Adjudication Order against Acclaim Industries Limited in the matter of Acclaim Industries Limited. Page 3 of 9 meeting dated Feb 18, 2012. This was inadvertent mistake on the part of the management of the company”.
Adjudication Order against Acclaim Industries Limited in the matter of Acclaim Industries Limited. Page 4 of 9 8. Before proceeding further, I would like to refer to the relevant provisions of Clause 36(7)(ii) of the Equity Listing Agreement which existed at the time of alleged violation and Section 21 of SCRA: Equity Listing Agreement Clause 36. Apart from complying with all specific requirements as above, the Company will keep the Exchange informed of events such as strikes, lock-outs, closure on account of power cuts, etc. both at the time of occurrence of the event and subsequently after the cessation of the event in order to enable the shareholders and the public to appraise the position of the Company and to avoid the establishment of a false market in its securities. In addition, the Company will furnish to the Exchange on request such information concerning the Company as the Exchange may reasonably require. The Company will also immediately inform the Exchange of all the events, which will have bearing on the performance/operations of the company as well as price sensitive information. The material events may be events such as:
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Source: SecMarx — sebi:EAD/SR/SJ/AO/44/2018-19. 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.