sebi:EAD/SR/SM/AO/2019-20/7294/206
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Facts / Headnote
Adjudication proceedings disposed off without decision on merits - cannot be proceeded with without leave of Court/NCLT
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 279
- s. 446
- s. 33(1)
- s. 34(2)
- s. 33(7)
Regulations
- Reg. 4
- Reg. 40(9)
- Reg. 7(3)
- Reg. 13(3)
- Reg. 40(10)
Parties
- Lanco Infratech Limited
Holding
The adjudication proceedings initiated against Lanco Infratech Limited vide SCN dated October 18, 2019 cannot be proceeded with without leave of the Court/NCLT because the Noticee is under liquidation, and the matter is accordingly disposed off.
Full text
Adjudication order in the matter of Lanco Infratech Limited Page 2 of 9 section 15-I of The Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act, 1992) r/w rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as Adjudication Rules, 1995) to inquire into and adjudge under section of 15A(b) of the SEBI Act, 1992, the alleged violations of provisions of regulations 40(10) read with (r/w) 40(9), regulations 7(3) and 13(3) of LODR Regulations, 2015. The said matter was transferred to the undersigned and the same was conveyed to me vide communique dated December 26, 2019.
Adjudication order in the matter of Lanco Infratech Limited Page 3 of 9 a. The Noticee has not submitted to both BSE and NSE, the compliance certificate as required under Regulation 40(10) r/w 40(9) of the LODR Regulations for the half year period ended September 2018. Thus, the Noticee has alleged to have violated Regulation 40(10) read with Regulation 40(9) of LODR Regulations.
Adjudication order in the matter of Lanco Infratech Limited Page 4 of 9 13.(3) The listed entity shall file with the recognised stock exchange(s) on a quarterly basis, within twenty-one days from the end of each quarter, a statement giving the number of investor complaints pending at the beginning of the quarter, those received during the quarter, disposed of during the quarter and those remaining unresolved at the end of the quarter. 40.(9) The listed entity shall ensure that the share transfer agent and/or the in- house share transfer facility, as the case may be, produces a certificate from a practicing company secretary within one month of the end of each half of the financial year, certifying that all certificates have been issued within thirty days of the date of lodgement for transfer, sub-division, consolidation, renewal, exchange or endorsement of calls/allotment monies. (10) The listed entity shall ensure that certificate mentioned at sub-regulation (9), shall be filed with the stock exchange(s) simultaneously.
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Source: SecMarx — sebi:EAD/SR/SM/AO/2019-20/7294/206. 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.