sebi:EAD-2/DSR/RG/404/2015
Facts / Headnote
Charges not established; matter disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 15I
Regulations relied on
- SEBI (ICDR) Regulations, 2009 — 75
Parties
- Monnet Ispat & Energy Limited
Holding
The charges against Monnet Ispat & Energy Limited for violation of Regulation 75 of the ICDR Regulations do not stand established and the matter is disposed of without penalty.
Full text
Page 2 of 23 4,41,250 FCDs into shares on August 09, 2010. Further, MTIL came out with a bonus issue which entitled VBL to receive 39,26,250 FCDs. Thus, it was observed that 52,35,000 FCDs were still pending for conversion. At the Board meeting held on March 15, 2010, it was observed that the Noticee and MTIL had resolved to enter into a Scheme of Arrangement which was later approved by the Hon'ble High Court of Chattisgarh vide order dated November 09, 2010 and accordingly, MTIL amalgamated into the Noticee.
Page 3 of 23 NOTICE, REPLY AND PERSONAL HEARING 5. The Noticee was issued a Show Cause Notice dated February 06, 2014 (hereinafter referred to as “SCN”) under Rule 4(1) of the said Rules to show cause as to why an inquiry should not be held and why penalty be not imposed on it for the aforesaid violations. Vide letter dated February 25, 2014, the Noticee requested for 20 days extension to file its reply in the matter. Accordingly, vide letter dated March 22, 2014, the Noticee submitted its reply to the SCN. Thereafter, in the interest of natural justice and in order to conduct an inquiry as per Rule 4(3) of the said Rules, an opportunity of personal hearing was granted to the Noticee on July 08, 2014. However, vide letter dated July 04, 2014, the legal representatives of the Noticee sought an adjournment of the scheduled hearing by 4 weeks. Also, on the scheduled date of hearing i.e. on July 08, 2014, a representative from the Noticee's company appeared and sought adjournment of 4 weeks which was taken on record. Accordingly, vide notice dated August 05, 2014, another opportunity of personal hearing was granted to the Noticee on August 25,
Page 4 of 23 opportunity of personal hearing was granted to the Noticee on February 26, 2015. Due to some administrative exigencies, the said hearing was adjourned again and finally the hearing was scheduled to March 09, 2015. The ARs attended the hearing on behalf of the Noticee on the scheduled date and made submissions with respect to the prevention of conversion of FCDs into equity shares in view of provision laid down under Clause 24(a) of the Listing Agreement. Therefore, the Noticee was advised to file its detailed reply with respect to the said submissions on or before March 16, 2015. Accordingly, the Noticee, vide letter dated March 13, 2015 made additional submissions in the matter.
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Source: SecMarx — sebi:EAD-2/DSR/RG/404/2015. 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.