sebi:Order/AA/GN/2021-22/15604
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Facts / Headnote
Penalty imposed on the Noticee for failure to disclose schemes of arrangement and litigation developments to stock exchanges
Provisions invoked
- s. 19
- s. 23E
- s. 23
- s. 45
- s. 14
- s. 14(1)
- s. 33
- s. 31(1)
- s. 227
- s. 239
- s. 238
Regulations
- Reg. 30
- Reg. 30(6)
Parties
- SREI Infrastructure Finance Limited
Holding
The Noticee violated Regulation 30 of LODR Regulations, 2015 read with Clauses 1 & 3 of para A of Part A and Clause 8 of para B of Part A of Schedule III of LODR Regulations and Para 8 of Part 2 of Annexure I of SEBI circular dated September 09, 2015 by failing to disclose schemes of arrangement and litigation developments to BSE and NSE, and a penalty of Rs. 2,00,000/- was imposed under Section 23E of the SCRA, 1956. SEBI was held to have jurisdiction to adjudicate despite the moratorium under IBC, as the proceedings were only to determine violation and crystallize the claim.
Full text
Adjudication order in the matter of SREI Infrastructure Finance Limited Page 2 of 16 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
Adjudication order in the matter of SREI Infrastructure Finance Limited Page 3 of 16 4.3. It is observed from the websites of the BSE Limited (hereinafter referred to as BSE) and the National Stock Exchange of India Ltd (hereinafter referred to as NSE) that the First Scheme and Second Scheme, which the noticee had filed with the Hon’ble NCLT Kolkata for the approval, was not disclosed by the Noticee to BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). Further, the NCLT order dated October 21, 2020 was also not disclosed by the Noticee to BSE and NSE.
Adjudication order in the matter of SREI Infrastructure Finance Limited Page 4 of 16 Bankruptcy (Insolvency and Liquidation Proceedings of Finance Service Providers and Application to Adjudicating Authority) Rules, 2019 (“FSP Insolvency Rules”). On October 08, 2021, the National Company Law Tribunal bench at Kolkata (“NCLT”) commenced the CIRP of SIFL and SEFL and appointed the undersigned as the Administrator of SIFL and SEFL.
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