sebi:Order/AP/VS/2020-21/10404-10408
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Facts / Headnote
Penalties imposed on all five Noticees for violations of LODR Regulations, Listing Agreement, SEBI Circulars, and SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
- s. 23I
- s. 23J
- s. 15C
- s. 23E
- s. 23
- s. 24
- s. 27(2)
Regulations
- Reg. 4(2)(f)
- Reg. 4
- Reg. 33
- Reg. 30(1)
- Reg. 30(4)
- Reg. 6(1)
- Reg. 31A
- Reg. 30(10)
- Reg. 31(4)
- Reg. 4(1)(d)
- Reg. 31(2)
- Reg. 31A(3)(c)(8)
- Reg. 31(A)
- Reg. 31A(8)(a)
Parties
- Real Growth Commercial Enterprises Limited
- Mr. Deepak Gupta
- Mr. Rajesh Goyal
- Ms. Suchita Goyal
- Mr. Himanshu Garg
Holding
The Adjudicating Officer held Noticee No. 1 (RGCEL) liable under Section 23E of SCRA for violating LODR Regulations, Listing Agreement, and SEBI Circulars, and Noticees No. 2 to 5 liable under Section 15HB of SEBI Act for violating Regulation 4(2)(f)(ii)(8) of LODR Regulations, imposing a consolidated penalty of ₹15,00,000. The charge under Section 15C of SEBI Act was held not maintainable as the complainant could not be regarded as an investor.
Full text
_____________________________________________________________________________ Adjudication Order in the matter of Real Growth Commercial Enterprise Limited Page 2 of 18 promoters/ promoter group entities of the company have been frozen in accordance with SEBI circular SEBI/HO/CFD/CMD/CIR/P/2018/77 dated May 03, 2018.
_____________________________________________________________________________ Adjudication Order in the matter of Real Growth Commercial Enterprise Limited Page 3 of 18 respond to the regulatory authorities and take necessary steps to address the grievance of the complainant. However, in spite of the extended timeline granted by the court and repeated reminders from SEBI and BSE, the Noticee No. 1 failed to respond to the queries raised by SEBI/ BSE and has also failed to take any action in order to provide relief to the complainant.
_____________________________________________________________________________ Adjudication Order in the matter of Real Growth Commercial Enterprise Limited Page 4 of 18 2015 till June 2019, as per the shareholding patterns filed by the Company and disseminated on BSE website.
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Source: SecMarx — sebi:Order/AP/VS/2020-21/10404-10408. 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.