sebi:Order/GR/RK/2020-21/9767
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Facts / Headnote
Adjudication proceedings initiated vide SCN dated August 28, 2020 disposed of without imposition of monetary penalty
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 52
- Reg. 102
- Reg. 52(1)
- Reg. 102(1)(e)
Parties
- Patil Rail Infrastructure Pvt. Ltd.
Holding
The Noticee made delayed disclosure under Regulation 52(1) of the LODR Regulations for the half year ended March 31, 2019, but no monetary penalty under Section 15A(b) of the SEBI Act was imposed and the adjudication proceedings were disposed of.
Full text
Adjudication Order in respect of Patil Rail Infrastructure Pvt. Ltd. Page 2 of 8 Section 15A(b) the alleged violations of Regulations 52(1) of LODR Regulations by the Noticee.
Adjudication Order in respect of Patil Rail Infrastructure Pvt. Ltd. Page 3 of 8 In the matter, we would kindly like to submit that the delay in submission of the aforesaid financial results was not intentional on the part of the Company and the Company was constrained to file the results within the due time due to force majeure event (Storm Fani) which was beyond the control of the company. we are annexing herewith as Annexure - III a copy of the Weather Report dated July 22, 2019 obtained by the Company from India Meteorological Department for submission for insurance claim. We are also annexing herewith as Annexure -IV a copy of the letter dated May 15, 2019 for submitting the incident report to the insurance surveyor and also annexing as Annexure - V discharge voucher of Oriental Insurance Company for discharging our insurance claim in respect of the loss / damage happened in the storm on May 3,2019 for your kind reference. We would like to reiterate that the Company has on its own duly intimated in advance about the delay in filling of the results and later on also filed the results.”
Adjudication Order in respect of Patil Rail Infrastructure Pvt. Ltd. Page 4 of 8 7. I have taken into consideration the facts and circumstances of the case and the material available on record and the issues that arise for consideration in the present case are: a. Whether the Noticee has violated the provisions of Regulation 52(1) of the LODR Regulations? b. Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 A(b) of the SEBI Act? c. If so, what would be the monetary penalty that can be imposed taking into consideration the factors mentioned in Section 15 J of the SEBI Act?
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Source: SecMarx — sebi:Order/GR/RK/2020-21/9767. 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.