sebi:Order/BS/AE/2017-18/1356
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Facts / Headnote
Violations of Clause 41(I)(f), 41(VI)(a), Regulation 12(1) PIT Regulations, 1992 and Clause 49(II)(A) established; penalty of Rs.1,00,000 jointly and severally on Noticee No.1 to 4 under Section 15HB SEBI Act and Rs.1,00,000 on Noticee No.1 under Section 23E SCR Act imposed, with no penalty for 5-day delay in intimating results.
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 12
- s. 23A
- s. 23I
- s. 21
- s. 23J
- s. 4A
- s. 23E
Regulations
- Reg. 12(1)
- Reg. 12(2)
- Reg. 103
- Reg. 25
Parties
- Vas Infrastructure Ltd. (Noticee No.1 / VIL)
- Shri Jayesh V Valia (Noticee No.2)
- Shri Ajay Nautamlal Jani (Noticee No.3)
- Shri Babulal Jain (Noticee No.4)
Holding
Noticee No.1 to 4 violated disclosure and code-of-conduct provisions and Noticee No.1 violated audit-committee requirements, attracting penalty under Section 15HB of SEBI Act and Section 23E of SCR Act.
Full text
Page 2 of 18 of SCR Act, 1956 by i) Vas Infrastructure Ltd. (Noticee No.1 / VIL), ii) Shri Jayesh V Valia (Noticee No. 2), iii) Shri Ajay Nautamlal Jani (Noticee No. 3) and Shri Babulal Jain (Noticee No. 4). Noticee No. 1 to 4 are hereinafter collectively referred to as “Noticees”.
Page 3 of 18 4. It was also observed that the Noticees failed to set up Audit Committee in VIL and therefore it is alleged that the Noticees did not comply with Clause 49(II)(A) of the Listing Agreement read with Section 21 of SCR Act, 1956.
Page 4 of 18 9. Noticee No. 1 and 2, vide letter dated November 15, 2016 provided written submissions to the SCN and their main submissions are the following– i. The Noticees submit that a reasonable view must be taken in relation to the alleged violations against the Noticees for the following amongst other reasons:
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Source: SecMarx — sebi:Order/BS/AE/2017-18/1356. 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.