sebi:Order/BM/GN/2023-24/30084-30085
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Facts / Headnote
Penalty imposed under Section 15HB of the SEBI Act on the Noticees for violations of LODR Regulations, DT Regulations and SEBI circular
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
- s. 92
Regulations
- Reg. 15
- Reg. 51
- Reg. 51(1)
- Reg. 51(2)
- Reg. 52
- Reg. 62
- Reg. 13
- Reg. 50
- Reg. 62(1)
- Reg. 59
- Reg. 15(1)(s)
- Reg. 51(3)
- Reg. 57
Parties
- Pride Properties Limited (Noticee 1)
- Debenture Trustee (Noticee 2)
Holding
The Adjudicating Officer found Noticee 1 in violation of Regulations 51(1), 51(2) read with clause A(11) of Part B of Schedule-III, 51(3), 57, 59 and 62(1) of LODR Regulations, and Noticee 2 in violation of Regulation 15(1)(s) of DT Regulations and Clause 2.5 of Chapter XIV of the SEBI circular dated August 10, 2021, and imposed penalties under Section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of Pride Properties Limited Page 2 of 28 referred to as SEBI Act) read with Sub-section (1) of Section 15I of the SEBI Act and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SEBI Rules’) to inquire into and adjudge under the provisions of Section 15HB of SEBI Act, for the alleged violations of Regulation 51 (1) of LODR Regulations, Regulation 51(2) read with clause A (11) of Part B of Schedule-III of LODR Regulations, Regulation 51 (3), Regulation 57, Regulation 59 and Regulation 62(1) of LODR Regulations by Noticee 1 and Regulation 15(1)(s) of DT Regulations and Clause of 2.5 of Chapter XIV of SEBI circular dated August 10, 2021 (updated as on July 07, 2023) by Noticee 2. SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in the matter of Pride Properties Limited Page 3 of 28 8. It was alleged that Noticee 1 did not comply with the following provisions of LODR Regulations during the examination period, details of the same are provided below. A. Regulation 51 (1) of LODR Regulations and Regulation 51(2) read with clause A (11) of Part B of Schedule-III of LODR Regulations
Adjudication Order in the matter of Pride Properties Limited Page 4 of 28 C. Regulation 57 of LODR Regulations 13. It was alleged that Noticee 1 failed to intimate BSE regarding interest payment due on March 28, 2023. Further, it was alleged that Noticee 1 did not intimated BSE about the status of payments due on the following dates pursuant to multiple Postponement of repayment dates: i. Payment due on June 28, 2023. ii. Payment due on August 31, 2023. iii. Payment due on September 15, 2023, September 19, 2023 and September 30, 2023. iv. Payment due on September 21, 2023. v. Payment due on September 29, 2023.
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Source: SecMarx — sebi:Order/BM/GN/2023-24/30084-30085. 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.