sebi:Order/AN/RG/2023-24/30183
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Facts / Headnote
Violations established; penalty of Rs. 3,00,000 imposed on the Noticee under Section 15HB of the SEBI Act, 1992.
Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 4
- Reg. 13
- Reg. 16
- Reg. 201
- Reg. 59
- Reg. 15(1)(r)
- Reg. 15(1)(s)
- Reg. 59(1)
Parties
- Beacon Trusteeship Limited
Holding
The Noticee, Beacon Trusteeship Limited, was held to have violated Regulation 15(1)(r), Regulation 15(1)(s), and Regulation 16 read with Clause 4 of Schedule III of the DT Regulations, Regulation 16 read with Clause 13 of Schedule III (failure to inform CRA of default and restructuring), and Clause 5 of SEBI Circular dated June 30, 2017 (failure to report non-communication of payment status by issuer to SEBI). A penalty of Rs. 3,00,000 was imposed under Section 15HB of the SEBI Act, 1992.
Full text
Adjudication Order in the matter of inspection of Beacon Trusteeship Limited – Debenture Trustee Page 2 of 39 viz. Regulation 15(1)(r) of DT Regulations, Regulation 15(1)(s) of DT Regulations, Regulation 16 of DT Regulations read with Clause 4 of Code of Conduct mentioned in Schedule III, Regulation 16 of DT Regulations read with Clause 13 of Code of Conduct mentioned in Schedule III, Clause 3 of SEBI Circular CIR/MIRSD/3/2013 dated March 15, 2013 read with Clause B(4) and B(5) of Annexure to the circular, Clause 5 of SEBI Circular SEBI/HO/MIRSD/MIRSD3/CIR/P/2017/ 72 dated June 30, 2017. Accordingly, Adjudication Proceedings under Section 15 I of the SEBI Act, read with Rule 3 of the SEBI (Procedure for Holding Inquire and Imposing Penalties) Rules, 1995 (‘SEBI Adjudication Rules, 1995’ / ‘Adjudication Rules’ / ‘AO Rules’, in short) had inter alia been initiated to inquire into and adjudge under Section 15HB of the SEBI Act, 1992 (‘SEBI Act’ in short) for the alleged violations of the relevant provisions, as stated.
Adjudication Order in the matter of inspection of Beacon Trusteeship Limited – Debenture Trustee Page 3 of 39 C. SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in the matter of inspection of Beacon Trusteeship Limited – Debenture Trustee Page 4 of 39 (b) after complying with the provisions of Companies Act, 2013 including approval of the consent of requisite majority of holders of that class of securities”
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