sebi:ORDER/AK/BS/2023-24/28876-28879
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Facts / Headnote
Penalty imposed on all four noticees for violations of LODR Regulations and SEBI Act provisions
Provisions invoked
- s. 11
- s. 15
- s. 19
- s. 11(1)
- s. 11B
- s. 15H
- s. 27
- s. 15J
- s. 28A
- s. 141
- s. 23J
- s. 54
- s. 17(2)
- s. 27(1)
- s. 134
- s. 177
Regulations
- Reg. 4
- Reg. 18
- Reg. 4(1)(a)
- Reg. 33(1)(a)
- Reg. 48
- Reg. 18(3)
- Reg. 33(1)(a)(c)
- Reg. 33(1)
Parties
- Binoy Gupta
- Subrata Kumar Dey
- Subir Kumar Banerjee
- Ramesh M Joshi
Holding
The four noticees, as members of the Audit Committee of Excel Realty N Infra Limited, violated multiple provisions of LODR Regulations and Section 27(1) of the SEBI Act by failing to oversee the financial reporting process and disclosure of correct financial information, and each was imposed a penalty of Rs. 2,00,000 under Section 15HB of the SEBI Act.
Full text
Adjudication Order against four entities in the matter of Excel Realty N Infra Limited Page 2 of 36 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication Order against four entities in the matter of Excel Realty N Infra Limited Page 3 of 36 4.3. Misuse of funds and misrepresentation through long outstanding balance of loan and advances and non-provisioning for 9 years: 4.4. Misuse and diversion by providing Interest free loans to the Subsidiary 4.5. Role of Audit Committee Members
Adjudication Order against four entities in the matter of Excel Realty N Infra Limited Page 4 of 36 10. Hearing scheduled on April 24, 2023 was rescheduled to April 25, 2023 on the request of AR of Noticee no. 4. AR of the Noticee no. 4 appeared before me on April 25, 2023 and made his submissions which were in line with his reply dated February 24, 2023. AR of Noticee no. 4 submitted that the lapses pertaining to the Noticee no. 4 are for two years only though it is not admitted. It was further submitted that unless the charges against the Company and its management are established, the charges against the member of the Audit Committee cannot be established.
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Source: SecMarx — sebi:ORDER/AK/BS/2023-24/28876-28879. 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.