sebi:Order/EAD-1/SBM/JR/2020-21/11128

SEBI · SEBI · 2020-11-17 · SURESH B MENON, ADJUDICATING OFFICER

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Monetary penalty of Rs 1,00,000 imposed for violation of Regulation 52(1) of LODR Regulations

Provisions invoked

• s. 15A
• s. 15
• s. 19
• s. 15J

Regulations

• Reg. 52(1)
• Reg. 52(4)
• Reg. 52(5)

Parties

• SEW Infrastructure Limited

Holding

The Noticee violated Regulation 52(1) of LODR Regulations by submitting financial results for the half year ended March 31, 2019 on November 21, 2019 with a delay of 190 days. A monetary penalty of Rs 1,00,000 under Section 15A(b) of the SEBI Act was imposed on the Noticee.

Full text

Page 2 of 10 adjudication proceedings against the Noticee under the provisions of section 15A(b) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’). APPOINTMENT OF ADJUDICATING OFFICER

Page 3 of 10 results for the year ended March 31, 2019 under Regulations 52(1), 52(4) and 52(5) of LODR Regulations. NSE, vide its emails dated October 11, 2019 and January 10, 2020 mentioned that the Noticee has submitted the financial results for the FY ended March 31, 2019 on November 21, 2019 and further mentioned that the Noticee has made the necessary disclosures /

Page 4 of 10 to inadvertence and was totally devoid of any malafide intention.  SIL, being an infra Company, has its operations spread across several States and various locations in India and abroad, including projects with several Joint Venture Partners. The company manages and oversees a variety of different projects in different jurisdictions in different circumstances.  During the FY 2018-19, the Company had suffered inordinate delay in getting the receipts from project owners like Government / Government authorities etc. Adding to that there were s also delays in receiving the books of accounts from the project sites and the confirmation of balances from the Joint Venture Partners which had invariably caused delay in closing of Books of accounts by the company and submission of the same to the Auditors for Audit.  There were some delay in filing of GST returns for the FY 2018-19 due to the presence of some technical issues in the accounting software of the company.  In view of the above, the Company had applied for an extension of date for conducting the Annual General Meeting for the Financial Year 2018-19. The same was graciously acceded to by the Registrar of Companies, Hyderabad thereby granting us an extension till December 13, 2019.  Subsequently, the Board approved the Financial statements for the FY 2018- 19 on 25th September, 2019 and immediately submitted the same to the Debenture Trustee and obtained the necessary certificate as required under LODR Regula

Source: SecMarx — sebi:Order/EAD-1/SBM/JR/2020-21/11128. 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.