sebi:EAD-7/BJD/NJMR/2018-19/2396
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Facts / Headnote
Ex-parte order holding violation established and imposing penalty of Rs 10,00,000 under Section 23H of SCRA
Provisions invoked
- s. 21
- s. 23H
- s. 23
- s. 23J
- s. 23I
Parties
- Focus Industrial Resources Ltd.
Holding
The Noticee violated Clause 35 (b) of the Listing Agreement read with Section 21 of SCRA by filing a wrong promoter-group shareholding pattern for the quarter ended September 2013, and is liable to a monetary penalty of Rs 10,00,000 under Section 23H of SCRA.
Full text
Adjudication Order in respect of Focus Industrial Resources Ltd., Page 2 of 12 Noticee submitted shareholding of promoter group as 62,08,730 shares which was 50.92% of the total share capital of the company. Thus, it is observed that the Noticee had failed to disclose the correct shareholding pattern of its promoter group, which was 78,91,730 shares constituting 64.72% of the total share capital of the company, in its quarterly filing to BSE for the quarter ended September 2013. Therefore, it is alleged that the Noticee by filing wrong shareholding pattern of its promoter group to BSE, had violated the provisions of Clause 35 (b) of Listing Agreement read with Section 21 of SCRA.
Adjudication Order in respect of Focus Industrial Resources Ltd., Page 3 of 12 by February 15, 2019. Therefore, in the interest of natural justice and in terms of Rule 4 (3) of SCR Adjudication Rules, an opportunity of personal hearing was granted to the Noticee on March 7, 2019, which was communicated vide notice of hearing dated February 21, 2019.
Adjudication Order in respect of Focus Industrial Resources Ltd., Page 4 of 12 hearing. Therefore, in line with the observations made by the Hon’ble SAT, I deem it appropriate to proceed against the Noticee ex-parte, based on the material available on record.
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Source: SecMarx — sebi:EAD-7/BJD/NJMR/2018-19/2396. 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.