sebi:Order/AP/VS/2020-21/9993
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Facts / Headnote
Proceedings held not maintainable; Show Cause Notice disposed of without penalty
Provisions invoked
- s. 15A
- s. 15I
- s. 14
- s. 242(4)
- s. 424
- s. 241
- s. 242
- s. 241(2)
Regulations
- Reg. 7(3)
- Reg. 7(2)
- Reg. 13(3)
- Reg. 52(4)
- Reg. 52(8)
- Reg. 62
- Reg. 54(1)
- Reg. 57(2)
- Reg. 52(7)
- Reg. 56(1)
- Reg. 56(1)(a)
- Reg. 62(1)(h)
Parties
- IL & FS Financial Services Limited (IFIN)
Holding
The adjudication proceedings initiated against IFIN by Show Cause Notice dated July 16, 2020 for alleged LODR violations were held not maintainable and could not be proceeded with. The Show Cause Notice was accordingly disposed of without any finding on merits or penalty.
Full text
_____________________________________________________________________________ Adjudication Order in the matter of IL & FS Financial Services Limited (IFIN) Page 2 of 11 on August 21, 2019 with a delay of 113 days. It is alleged that the Noticee did not complied with the provisions of regulation 7(3) of the LODR Regulations, the relevant provisions of regulation 7(2) and 7(3) of the LODR Regulations are as follows:
_____________________________________________________________________________ Adjudication Order in the matter of IL & FS Financial Services Limited (IFIN) Page 3 of 11
_____________________________________________________________________________ Adjudication Order in the matter of IL & FS Financial Services Limited (IFIN) Page 4 of 11 (a) a copy of the annual report at the same time as it is issued along with a copy of certificate from the listed entity's auditors in respect of utilisation of funds during the implementation period of the project for which the funds have been raised: Provided that in the case of debentures or preference shares issued for financing working capital or general corporate purposes or for capital raising purposes the copy of the auditor's certificate may be submitted at the end of each financial year till the funds have been fully utilised or the purpose for which these funds were intended has been achieved. (b) a copy of all notices, resolutions and circulars relating to- (i)… (ii) the meetings of holders of non-convertible debt securities at the same time as they are sent to the holders of non convertible debt securities or advertised in the media including those relating to proceedings of the meetings;
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Source: SecMarx — sebi:Order/AP/VS/2020-21/9993. 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.