sebi:Order/BS/LS/2024-25/31175
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Facts / Headnote
Violations established; monetary penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15J
- s. 28A
- s. 151
Regulations
- Reg. 201
- Reg. 30
- Reg. 30(1)
- Reg. 30(4)
- Reg. 30(3)
- Reg. 66
- Reg. 4(i)
Parties
- Charms Industries Limited
Holding
The Adjudicating Officer held Charms Industries Limited violated Regulation 30(3), (4)(i)(a) & (b) & (6) read with Clause 2(b) of Para B of Part A of Schedule III of LODR Regulations read with SEBI Circular CIR/CFD/1CMD/4/2015 for delayed disclosures and imposed a monetary penalty of INR 1,00,000 under Section 15A(b) of the SEBI Act, 1992.
Full text
In the matter of Charms Industries Limited Page 2 of 19 CIR/CFD/1CMD/4/2015 dated September 09, 2015. In view of the same, SEBI initiated Adjudication Proceedings against the Company.
In the matter of Charms Industries Limited Page 3 of 19 5.2. However, Noticee did not submit any application for renewal within the timeline. On expiry of the said license, RBI had issued a Show Cause Notice dated October 05, 2021 to the Noticee, advising the Noticee to submit its reply within 30 days from the date of receipt of SCN. However, even after considerable time, the Company did not respond to the SCN.
In the matter of Charms Industries Limited Page 4 of 19 iii) The Company had not carried out any fully-fledged money changing activities after revocation of license by RBI. iv) Presently, the Company is engaged in the business of trading of agriculture produce.
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