sebi:EAD-8/KS/AA/AO/212/2018-19
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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
Parties
- Tirupati Foam Limited
Holding
The Noticee failed to submit the Sharepro audit report to SEBI as directed in the Whole Time Member order dated March 22, 2016, but the adjudication proceedings initiated vide Show Cause Notice dated August 07, 2018 were disposed of without imposition of any monetary penalty under Section 15HB of the SEBI Act.
Full text
Page 2 of 10 appropriate action, in cases where violations are observed, in accordance with the provisions of law and inform SEBI accordingly.
Page 3 of 10 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 10 4. Before giving Para wise reply to the charges in the Notice, We would like to give a brief background: (i) Tirupati Foam Limited (“TFL/Company”), a company incorporated and duly registered under the Companies Act, 1956 as Public Limited Company. The Shares of TFL were earlier listed on Ahmedabad Stock Exchange Limited (ASE) and Vadodara Stock Exchange Limited (VSE) and now on BSE. (ii) The company was earlier listed on Indonext Platform of BSE Ltd. The Company had never entered into any agreement with BSE Ltd. It was ASE Ltd which forwarded the name of the Company, to BSE Ltd to be included in to the BSE Indonext Platform. (iii)The Company was one of the Clients of the Registrar and Share Transfer Agent (RTA) namely viz. Sharepro Services (I) Private Limited and later on changed the RTA to Linkintime India Private Limited w.e.f 18.06.2016. (iv) The Company vide their letter dated March 29, 2017 had opted for Direct Listing on BSE under “Companies listed on RSEs having daily turnover less than Rs. 500 Crores in Equity segment and seeking listing under Direct Listing”. (v) After complying the procedural part of BSE Direct Listing requirement, the Company got listed on BSE only w.e.f 20.04.2018 vide their letter dated April 19,
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Source: SecMarx — sebi:EAD-8/KS/AA/AO/212/2018-19. 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.