sebi:ORDER/SS/LD/2024-25/30447-30458
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Facts / Headnote
Penalties imposed on Noticees 1-5 and 9-13 under Section 15HB of the SEBI Act for violations of LODR Regulations and Delisting Regulations
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
Regulations
- Reg. 4
- Reg. 10(2)
- Reg. 28
- Reg. 15
- Reg. 2
- Reg. 8(2)
- Reg. 201
- Reg. 26
- Reg. 28(1)
- Reg. 15(2)
- Reg. 20
- Reg. 20(3)
- Reg. 28(4)
- Reg. 28(2)
- Reg. 10(3)
- Reg. 26(3)
- Reg. 6(2)(a)
Holding
Noticees 1-5 were found to have violated Regulation 10(3), 28(2) and 28(3) of the Delisting Regulations and Regulation 26(3) of the LODR Regulations; Noticees 9-12 violated Regulation 15(2) of the Delisting Regulations; and Noticee 13 violated Regulation 6(2)(a) of the LODR Regulations. Monetary penalties were imposed under Section 15HB of the SEBI Act on Noticees 1-5 and 9-13.
Full text
Adjudication order in the matter of Hexa Tradex Limited 2 FACTS OF THE CASE 1. Securities and Exchange Board of India (“SEBI”) conducted an examination pursuant to a complaint dated July 08, 2022, received by SEBI with respect to the delisting of Hexa Tadex Limited (hereinafter referred to as the “Hexa/Noticee 1/Company”), a company listed on Bombay Stock Exchange Limited (“BSE”) and National Stock Exchange of India Ltd(“NSE”). Based on the complaints received, SEBI had sought a joint report from NSE and BSE in the matter of delisting of Hexa Tradex Ltd. Both the exchanges submitted a joint report to SEBI vide letter dated March 10, 2023.
Adjudication order in the matter of Hexa Tradex Limited 3 Noticee 1 and its acquirers were not in compliance with securities law w.r.t the disclosure made in the Detailed Public Announcement(DPA) and Mr Pravesh Srivastava (Noticee 13) had allegedly failed in ensuring conformity with the regulatory provisions applicable to the listed entity in letter and spirit. (hereinafter Noticee 1-7 and 9-13 together referred to as the Noticees).
Adjudication order in the matter of Hexa Tradex Limited 4 7. The said SCN was served on the Noticees via SPAD and also through email. The proof of service is on record. The details of mode of delivery of the SCN and the hearing Notice are mentioned in the table 1 below:
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Source: SecMarx — sebi:ORDER/SS/LD/2024-25/30447-30458. 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.