sebi:EAD-8/KS/AA/AO/196/2018-19
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Facts / Headnote
Adjudication proceedings initiated vide Show Cause Notice dated August 07, 2018 disposed of without imposition of any monetary penalty
Provisions invoked
- s. 15
- s. 15H
- s. 108
- s. 56
Regulations
- Reg. 30
Parties
- The Indian Card Clothing Company Limited
Holding
The Noticee committed only a minor one-day delay in submitting the Sharepro audit report to SEBI and the adjudication proceedings were disposed of without imposition of any monetary penalty.
Full text
Page 2 of 15 cases where violations are observed, in accordance with the provisions of law and inform SEBI accordingly. 12. Companies who are clients of Sharepro are also advised to carry out / switchover their activities related to a registrar to an issue and share transfer agent, either in- house or through another registrar to an issue or share transfer agent registered with SEBI. Sharepro shall provide the requisite cooperation to these companies for the purpose. ….”
Page 3 of 15 5. It was observed in the SCN that the Noticee was one of the clients of Sharepro. In terms of above referred directions of Whole Time Member of SEBI, the Noticee was required to conduct a thorough audit of the records and systems of Sharepro within a period of three months from the date of the above referred
Page 4 of 15 8. In view of the same, the Noticee was granted a final opportunity of submitting its reply, if any, in the matter latest by September 10, 2018 vide hearing notice dated August 27, 2018. Further, the Noticee was also granted a final opportunity of hearing on September 17, 2018 vide the said hearing notice dated August 27, 2018. The Noticee vide letter dated September 10, 2018 inter alia made the following additional submissions: A. Background of The Indian Card Clothing Company Limited (i) The Indian Card Clothing Company Limited (the “Noticee") a company incorporated on June 24, 1955 with its registered office situated at “Katariya Capital", A-19, Vidyut Nagar Society, Lane No. 5, Koregaon Park, Pune-411001. The equity shares of the Noticee are listed on BSE Limited and National Stock Exchange Limited (together the “Stock Exchanges"} since December 23, 1978 and January 8, 1997 respectively. (ii) Originally formed as a joint venture between Carclo Engineering Group and English Card Clothing, the Noticee has been an innovator in card clothing manufacturing since its inception in 1955. In the year 1978, Carclo diluted its shareholding in the Noticee and in the year 1979, Carclo acquired English Card Clothing thereby making it a subsidiary of Cardo. Upon divestment of stake by English Card Clothing in the year 1985, the Noticee was taken over by a new management which has been managing the affairs of the Noticee since over 3 (three) decades enjoying an impeccable re
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/196/2018-19. 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.