sebi:EAD-9/SM/143/2018-19
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Facts / Headnote
Adjudication proceedings disposed without imposition of any monetary penalty
Provisions invoked
- s. 15
- s. 15H
- s. 67(3)
Regulations
- Reg. 16
- Reg. 15
- Reg. 14
- Reg. 15(1)
Parties
- M/s AllBank Finance Ltd (now amalgamated with M/s Allahabad Bank)
Holding
The adjudication proceedings against AllBank Finance Ltd as debenture trustee for LRN Finance Ltd Series C NCDs were disposed without monetary penalty as violations of Regulation 14 read with Schedule IV, Regulation 15(1)(i) and Regulation 16 read with Schedule III were not established.
Full text
In the matter of LRN Finance Ltd Page 2 of 8 4. Allegations in the SCN: 4.1. AB was the Debenture Trustee for the following issue, the details which are mentioned below:
In the matter of LRN Finance Ltd Page 3 of 8 Personal Hearing: 5. In the interest of natural justice and in order to conduct an inquiry in terms of Rule 4(3) of the Rules, Hearing Notice was issued to Noticee on April 11, 2018 granting an opportunity of personal hearing before the undersigned on April 25, 2018.
In the matter of LRN Finance Ltd Page 4 of 8 [Schedule IV] CONTENTS OF TRUST DEED Every debenture trustee shall ensure that the trust deed executed between a body corporate and debenture trustee shall amongst other things provide for the following matters namely: — Preamble
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Source: SecMarx — sebi:EAD-9/SM/143/2018-19. 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.