sebi:EAD-9/SM/141/2018-19
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Facts / Headnote
Penalty of Rs.5,00,000 imposed for violation of Regulation 15(1)(i) and Regulation 16 read with Clauses (1)-(4); charges under Regulation 14 dropped and Clause (5) held not established
Provisions invoked
- s. 15
- s. 15H
- s. 73
- s. 15J
- s. 4A
- s. 45
- s. 67(3)
- s. 67
- s. 67(1)
- s. 67(2)
- s. 45I
- s. 55A(1)
Regulations
- Reg. 16
- Reg. 14
- Reg. 15(1)
- Reg. 33
- Reg. 15(1)(i)
Parties
- M/s Vistra ITCL (India) Limited
Holding
Vistra ITCL (India) Limited, as debenture trustee for LRN Finance Ltd Series-B NCDs, violated Regulation 15(1)(i) and Regulation 16 read with Code of Conduct Clauses (1)-(4) and is liable to Rs.5,00,000 penalty under Section 15HB, while Regulation 14 and Clause (5) charges were dropped/not established.
Full text
In the matter of LRN Finance Ltd Page 2 of 12 Year/Name of Series Issue opening date Issue closing date Date of maturity No. of persons to whom allotted Amount raised 2012-13 Series B Non-convertible Redeemable Debentures of Rs. 1000/- each
In the matter of LRN Finance Ltd Page 3 of 12 Reply by the Noticee: 10. The reply submitted by the Noticee are broadly as follows:
In the matter of LRN Finance Ltd Page 4 of 12 ISSUES FOR CONSIDERATION/FINDINGS: 13. I have carefully perused the reply and submissions of the Noticee and the documents available on record. The issues that arise for consideration in the present case are:
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Source: SecMarx — sebi:EAD-9/SM/141/2018-19. 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.