sebi:EAD-3/JS/GSS/73/2018-19
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Noticee held liable for violations and penalty of Rs. 15,00,000 imposed under Section 15HB of SEBI Act and Sections 23A and 23E of SCRA.
Provisions invoked
- s. 11A
- s. 11
- s. 15A
- s. 15
- s. 21
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 23A
- s. 18
- s. 17
- s. 14
- s. 20
- s. 14h
- s. 14(1)
- s. 238
Regulations
- Reg. 18(1)
- Reg. 23(1)
- Reg. 51
- Reg. 18
- Reg. 201
- Reg. 23
- Reg. 30
- Reg. 41
- Reg. 21
- Reg. 23(3)
Parties
- Amtek Auto Limited
Holding
The Noticee violated Reg 18(1), 23(1), 23(3) of ILDS Regulations, Clauses 26, 27(a), 36(6), 36(7)(iv) of Equity Listing Agreement, Clause 8 of Debt Listing Agreement and consequently Section 21 of SCRA, and a consolidated penalty of Rs. 15,00,000 was imposed.
Full text
Adjudication order in the matter of Amtek Auto Ltd. || Page 2 Requirements) Regulations, 2015 (“LODR Regulation”), SEBI (Issue and Listing of Debt Securities) Regulations, 2008 ( “ILDS Regulation”), Equity Listing Agreement and Debt Listing Agreement (LA) alleged to have been committed by you, M/s/ Amtek Auto Limited. Subsequent to the transfer of the Adjudicating Officer, these proceedings are being continued further.
Adjudication order in the matter of Amtek Auto Ltd. || Page 3 secured, non-convertible debentures of a face value of Rs. 10,00,000 (Rupees ten lakh) each, aggregating to Rs. 8,00,00,00,000 (Rupees eight hundred crore) ("Debentures") pursuant to a debenture trust deed dated October 19, 2010 ("Debenture Trust Deed") and information memorandum dated August 10, 2010 read with the addendum to the information memorandum dated August 21, 2014. b. The Company redeemed and paid Rs. 17.795 crores (Principal Plus Interest) to Individual debenture holders (56 in numbers}, after discussion with Axis Trustee Services Limited (acting as trustee on behalf of debenture holders, out of the fixed deposit duly lien marked in favour of the trustee to safeguard their interest .There is no formal communication with Axis Trustee. c. As you may aware that Corporate Insolvency Resolution Process (CIRP) has been initiated in respect to Amtek Auto Limited ("the Company" or "AA" or the "Corporate Debtor'), by an order of the Hon'ble National Company Law Tribunal ("NCLT"}, Chandigarh dated 24.07.2017 under the Insolvency & Bankruptcy Code, 2016 (IBC). Mr. Dinkar Venkatasubramani an (IP Registration no. 1881/IPA-001/IP-P00003/2016- 17/10011}, have been appointed as the Insolvency Resolution Process ("IRP") with effect from 27 July 2017. d. Downfall of the group entities globally and uncertainty over continuity of Company's business operations lead to evaluation of various restructuring options for reorgani
Adjudication order in the matter of Amtek Auto Ltd. || Page 4 ISSUES FOR CONSIDERATION 12. After perusal of the material available on record, the following issues arise for consideration;
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:EAD-3/JS/GSS/73/2018-19. 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.