sebi:Order/AK/JR/2025-26/31357
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Facts / Headnote
Violations established in part; penalty of Rs. 2,00,000 imposed under Section 15A(b) of SEBI Act
Provisions invoked
- s. 15A
- s. 15
- s. 13
- s. 15J
- s. 28A
- s. 23
- s. 25(2)
Regulations
- Reg. 2(1)(c)
- Reg. 13(2)(c)
- Reg. 30(6)
- Reg. 36A
Parties
- Gyscoal Alloys Limited
Holding
Gyscoal Alloys Limited violated LODR disclosure obligations regarding promoter arrest, loan defaults, OTS arrangements and NCLT filings/orders, except for the UCO Bank default already disclosed in annual reports, and is liable to a penalty of Rs. 2,00,000 under Section 15A(b) of the SEBI Act.
Full text
Adjudication Order in the matter of Gyscoal Alloys Limited Page 2 of 20 Penalties) Rules, 1995 (hereinafter referred to as the “Adjudication Rules”) appointed Smt. Barnali Mukherjee as Adjudicating Officer (AO), vide order dated November 28, 2023, to inquire into and adjudge the alleged violations by the Noticee. On transfer of the matter, the undersigned was appointed as the AO in the matter, vide order dated November 22, 2024.
Adjudication Order in the matter of Gyscoal Alloys Limited Page 3 of 20 default in repayment of debt towards SBI (on December 28, 2015) was made to BSE and NSE. Therefore, GAL is alleged to be non-compliant with clause 6 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations and SEBI circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015 and SEBI circular no. SEBI/HO/CFD/CMD1/CIR/P/ 2019/140 dated November 21, 2019. - Further, no disclosure regarding NCLT application dated June 10, 2020 filed by SBI against GAL was made to BSE and NSE. Therefore, GAL is alleged to be non-compliant with clause 16 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations. - Disclosure with respect to OTS arrangement entered with SBI on July 23, 2021, received by Company on July 24, 2021, was made to BSE and NSE on July 26, 2021 i.e. with a delay of 1 day (24 hours), with no explanation on said delay. Therefore, GAL is alleged to be non-compliant with clause 10 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations. - No disclosure regarding NCLT Order dated August 2, 2021 with respect to application filed by SBI against GAL was made to BSE and NSE. Therefore, GAL is alleged to be non-compliant with clause 16 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations.
Adjudication Order in the matter of Gyscoal Alloys Limited Page 4 of 20 16 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations. - Further, no disclosure regarding OTS arrangement entered with BRPL on September 12, 2019 was made to BSE and NSE. Therefore, GAL is alleged to be non-compliant with clause 10 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations and SEBI circular no. CIR/CFD/CMD/4/2015 dated September 9, 2015. - No disclosure regarding NCLT Order dated August 14, 2019 with respect to application filed by BRPL against GAL was made to BSE and NSE. Therefore, GAL is alleged to be non-compliant with clause 16 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations.
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Source: SecMarx — sebi:Order/AK/JR/2025-26/31357. 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.