sebi:ORDER/BM/DS/2024-25/30274
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Facts / Headnote
Penalty imposed on the Noticee for non-compliance with SEBI directions
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 28A
- s. 12A
Regulations
- Reg. 3
Parties
- Hira Automobiles Limited
Holding
The Noticee, Hira Automobiles Limited, failed to comply with the directions in Paragraph 7 of SEBI order dated November 22, 2013 (reporting outcome of delisting process to SEBI) and Paragraph 19 of SEBI interim order dated June 04, 2013 (submitting quarterly compliance reports to stock exchanges), and is liable for monetary penalty under Section 15A(a) and Section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of Hira Automobiles Limited Page 2 of 17 the provisions of Section 15A(a) and Section 15A(b) of the SEBI Act, 1992, the violations alleged against the Noticee.
Adjudication Order in the matter of Hira Automobiles Limited Page 3 of 17 mentioned non-compliant companies, till such time these companies comply with the minimum public shareholding requirement. i. For the purpose of above direction, proportionate promoter/promoter group shareholding shall be computed on the basis of the public shareholding in the company; e.g. if public shareholding in a company after the deadline is less than 25%, say 10%, in such case, the proportionate promoter shareholding would be 30% (i.e. three times the existing public shareholding). Thus the excess promoter/promoter group holding i.e. 60% shall be frozen till the minimum public shareholding requirement is complied with
Adjudication Order in the matter of Hira Automobiles Limited Page 4 of 17 their promoters and/or directors or issuing such directions in accordance with law: a. Levying monetary penalty under adjudication proceedings; b. initiating criminal proceedings by way of prosecution proceedings c. moving the scrip to trade-to-trade segment; d. excluding the scrip from F&O segment; e. any other action/direction as may be deemed appropriate
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Source: SecMarx — sebi:ORDER/BM/DS/2024-25/30274. 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.