sebi:Order/BM/GN/2024-25/30529
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Facts / Headnote
Penalty imposed on the Noticee under Section 23(A)(a) of the SCR Act, 1956 and Section 15HB of the SEBI Act, 1992 for violations of LODR Regulations and erstwhile listing agreement
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 28A
- s. 23
Regulations
- Reg. 4
- Reg. 201
- Reg. 18
- Reg. 19
- Reg. 2(1)
- Reg. 2
- Reg. 31
- Reg. 31(1)
- Reg. 4(1)(c)
- Reg. 4(1)(e)
- Reg. 103(2)
- Reg. 16(1)(b)
- Reg. 17(1)(b)
- Reg. 18(1)(b)
- Reg. 19(1)(c)
- Reg. 16(1)
- Reg. 18(1)(d)
- Reg. 16(l)(b)
- Reg. 103
Parties
- Maxheights Infrastructure Limited
Holding
The Noticee (Maxheights Infrastructure Limited) was found to have violated Regulation 31(1) read with Regulation 4(1)(e) of LODR Regulations for incorrect classification of PPLHFL in shareholding pattern, Regulation 4(1)(c) of LODR Regulations for misleading statements in corporate governance reports regarding board and committee composition, and Regulation 18(1)(d) of LODR Regulations for having a non-independent director as chairperson of the audit committee. Penalty was imposed under Section 23(A)(a) of the SCR Act and Section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of Maxheights Infrastructure Limited Page 2 of 30 the SEBI Act and 23A(a) of the SCR Act for the alleged violation of provisions of LODR Regulations and erstwhile listing agreement to have been committed by the Noticee. SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in the matter of Maxheights Infrastructure Limited Page 3 of 30 Alleged incorrect classification of Ranjitgarh Finance Co. Pvt. Ltd. (RFCL) as public shareholder
Adjudication Order in the matter of Maxheights Infrastructure Limited Page 4 of 30 13. Mr. Ashok Ahuja became the Chairperson of audit committee of the Noticee w.e.f. May 27, 2017 till the time of his resignation w.e.f. May 29, 2022, (when he was alleged to be not independent director) therefore, it is alleged that Noticee violated Regulation 18(1)(d) of LODR Regulations.
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Source: SecMarx — sebi:Order/BM/GN/2024-25/30529. 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.