sebi:ORDER/SRP/MCS/2018-19/1733

SEBI · SEBI · 2018-03-14 · Satya Ranjan Prasad, Adjudicating Officer

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Facts / Headnote

Violations established; penalty of Rs. 5,00,000 imposed under Section 23E of SCRA

Provisions invoked

Parties

Holding

The Noticee violated Section 21 of SCRA read with Clauses 35, 36(7)(ii) and 36(7)(vii) of the Listing Agreement and is liable for penalty under Section 23E of SCRA, and a penalty of Rs. 5,00,000 was imposed.

Full text

Order in the matter of Silverline Technologies Limited Page 2 of 13 3. SEBI, therefore, initiated Adjudication Proceedings under Section 23E of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as “SCRA”) against the Company to inquire into and adjudge the aforesaid alleged violation of the provisions of Section 21 of SCRA and Clauses 35, 36(7)(ii) and (vii) of the Listing Agreement by the Noticee.

Order in the matter of Silverline Technologies Limited Page 3 of 13  It is submitted that the Company has complied all disclosures for the investigation period i.e. during February 15, 2009 to March 15, 2009.

Order in the matter of Silverline Technologies Limited Page 4 of 13  It is also submitted that when each and every act of the company from the event of board meeting to in-principle approval from BSE and final listing approval of BSE on May 27, 2009, the company has been regularly disseminating the information to the exchange through its various communication and it complied with the listing agreement, without complying of the same, the BSE would not have given the approval for the listing of GDRs on BSE under two way fungibility.

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Source: SecMarx — sebi:ORDER/SRP/MCS/2018-19/1733. 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.