sebi:EAD/SR/SM/AO/2019-20/5797/131
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Facts / Headnote
Penalty imposed on the Noticee
Provisions invoked
- s. 21
- s. 15J
- s. 23H
- s. 28A
- s. 23
- s. 23E
- s. 23J
Parties
- Unitech Limited
Holding
The Noticee, Unitech Limited, violated clause 35 of the Listing Agreement read with section 21 of the SCRA, 1956 by making incorrect disclosures of promoter shareholding for the quarters ended September 30, 2008 and December 31, 2008, and a penalty of Rs. 2,00,000/- was imposed under section 23H of the SCRA, 1956.
Full text
Adjudication Order in respect of Unitech Limited in the matter of Unitech Limited Page 2 of 11 referred to as the Adjudication Rules, 2005) vide communique dated March 18, 2016 to inquire into and adjudge under sections 23E and 23A(a) of the SCRA, 1956 for the alleged violations of provisions of regulations clause 35 of Listing Agreement r/w section 21 of SCRA, 1956, by the Noticee. Subsequently, the matter was transferred to Shri. Nagendraa Parakh vide order dated December 14, 2016. After him, I was appointed as AO vide order dated July 10, 2017. Subsequently, the penalty provision was modified from sections 23E and 23A(a) of the SCRA, 1956 to section 23H of the SCRA, 1956 and the same was conveyed to the undersigned vide communique dated September 16, 2019.
Adjudication Order in respect of Unitech Limited in the matter of Unitech Limited Page 3 of 11 Name of the promoter entity Shareholding as on Sep 30, 2008 as per shareholding pattern disclosed to exchanges Shareholding as on Sep 30, 2008 as per RTA & Depositories Excess shareholding disclosed to the exchanges Mayfair Investments P Ltd 186,734,500 186,669,500 65,000 Prakausali Investments India P Ltd 623,388,446 623,388,446 Nil Mayfair Capital P. Ltd 30,190,050 30,190,050 Nil Total 840,312,996 840,247,996 65,000
Adjudication Order in respect of Unitech Limited in the matter of Unitech Limited Page 4 of 11 hearing notice was sent through SPAD and the same was delivered to the Noticee. The delivery proof is on record. However, neither the Noticee attended the hearing on the scheduled date nor submitted any reply to the SCN. In the interest of natural justice, vide hearing notice dated June 26, 2018, I granted final opportunity of personal hearing on July 12, 2017, to the Noticee. The said hearing notice was delivered to the Noticee and the delivery report is available on record. However, no reply received from the Noticee in this regard and also Noticee did not attend the hearing as granted.
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Source: SecMarx — sebi:EAD/SR/SM/AO/2019-20/5797/131. 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.