sebi:ORDER/VKV/NK/2020-21/9693
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11B
- s. 15
- s. 15H
- s. 15J
- s. 28A
Parties
- Mishtann Foods Ltd. (formerly known as HICS Cements Ltd)
Holding
The Adjudicating Officer held that Mishtann Foods Ltd. failed to comply with the Whole Time Member's order dated February 20, 2020 to take urgent steps to resolve pending investor complaints and file a satisfaction report within 45 days, and imposed a penalty of Rs. 15,00,000 under Section 15HB of the SEBI Act.
Full text
Adjudication Order in respect of Mishtann Foods Ltd. (formerly known as HICS Cements Ltd) Page 2 of 9 file a satisfaction report to SEBI within a period of 45 days from the date of this
Adjudication Order in respect of Mishtann Foods Ltd. (formerly known as HICS Cements Ltd) Page 3 of 9 8. A Show Cause Notice dated October 16, 2020 (hereinafter referred to as “SCN”) was issued to the Noticee in terms of Rule 4 of SEBI (Procedure for holding inquiry and imposing penalties) Rules, 1995 read with Section 15-I of the Securities and Exchange Board of India Act, 1992 to show cause as to why an inquiry should not be initiated against it in terms of Rule 4 of SEBI Adjudication Rules and penalty should not be imposed under 15HB of SEBI Act for its alleged failure to comply with the directions issued by WTM vide order dated February 20, 2020.
Adjudication Order in respect of Mishtann Foods Ltd. (formerly known as HICS Cements Ltd) Page 4 of 9 also remain present to office on rotational basis. We are heavily affected by this and seek support from your end. Not only our operations are majorly disturbed but also we are keen to resolve the SEBI Complaints.
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Source: SecMarx — sebi:ORDER/VKV/NK/2020-21/9693. 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.