sebi:EAD-8/KS/AA/AO/165/2018-19
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Facts / Headnote
Adjudication proceedings initiated vide Show Cause Notice dated August 07, 2018 disposed of without penalty
Provisions invoked
- s. 15
- s. 15H
- s. 55A
- s. 127
- s. 24(1)
Parties
- M/s Arvind Lifestyle Brands Limited
Holding
The adjudication proceedings against the Noticee for alleged failure to comply with the Whole Time Member order dated March 22, 2016 were disposed of as not established because the Noticee is an unlisted company outside SEBI jurisdiction.
Full text
Page 2 of 6 to SEBI by the companies in that regard. Further, within a period of six months from the date of this order, the companies shall take appropriate action, in cases where violations are observed, in accordance with the provisions of law and inform SEBI accordingly.
Page 3 of 6 and why penalty should not be imposed upon it under Section 15HB of the SEBI Act for its alleged failure to comply with the directions issued by Whole Time Member of SEBI vide order dated March 22, 2016.
Page 4 of 6 (v) All the transfers in ALBL is directly handled by the Board of Directors of the Company. (vi) With the above facts we would like to conclude that Sharepro Services (I) Private Limited was providing us only electronic connectivity service with NSDL and we have never directed/ request any service from Sharepro Services (I) Private Limited pertaining to Dividends and transfer of shares. All the matters pertaining to Dividends and transfer of shares are directly handled by the Company itself through Board, hence we felt Audit was not necessary with respect dividends paid and transfer of securities at the time of shifting of our RTA services.
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/165/2018-19. 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.