sebi:Order/AN/PR/2023-24/29950
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Facts / Headnote
Violation established; penalty of Rs. 1,00,000 imposed under Section 15HB of SEBI Act, 1992
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 15H
- s. 15J
- s. 15I
- s. 15F
- s. 28A
- s. 151
Regulations
- Reg. 17
- Reg. 17(1)(c)
Parties
- India Steel Works Limited
Holding
The Noticee violated Regulation 17(1C) of SEBI (LODR) Regulations, 2015 by failing to obtain shareholder approval for appointment of Mrs. Priyanka V. Gupta within three months, and was held liable for monetary penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of India Steel Works Limited |Page 2 of 14 aforesaid alleged violations by the Noticee. The said proceedings of appointment were communicated to the undersigned vide Communique dated September 28, 2023.
Adjudication Order in the matter of India Steel Works Limited |Page 3 of 14 5. Vide email and letter dated October 23, 2023, Noticee submitted its reply to the SCN. Thereafter, vide Hearing Notice dated October 25, 2023, Noticee was provided with an opportunity of personal hearing on November 01, 2023. In this regard, vide email dated October 27, 2023, the Authorized Representative (“AR” / “ARs”) of the Noticee (Authorisation letter dated October 27, 2023) viz., Adv. Priya Rai i/b Ragini Singh and Associates requested further time to file additional
Adjudication Order in the matter of India Steel Works Limited |Page 4 of 14 is not the case in the present matter. Further, when there is a mere technical or venial violation, the Authority competent to impose penalty may not impose any penalty in the given facts of a matter.
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