sebi:Order/GR/RK/2020-21/9849
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Facts / Headnote
Violation found; penalty of Rs 3,00,000 imposed under Section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15F
- s. 28A
- s. 220
Regulations
- Reg. 52(4)
- Reg. 52
- Reg. 52(1)
- Reg. 52(5)
- Reg. 5
- Reg. 52(2)(b)
Parties
- Sinew Developers Pvt. Ltd.
Holding
The Noticee violated Regulations 52(1), 52(4) and 52(5) of the LODR Regulations for the half year ended March 31, 2019 and is liable to monetary penalty under Section 15A(b) of the SEBI Act. A penalty of Rs 3,00,000 was imposed on Sinew Developers Pvt. Ltd.
Full text
Adjudication Order in respect of Sinew Developers Pvt. Ltd. Page 2 of 19 Section 15A(b) the alleged violations of Regulations 52(1), 52(4) and 52(5) of LODR Regulations by the Noticee.
Adjudication Order in respect of Sinew Developers Pvt. Ltd. Page 3 of 19 6. In this regard, vide email dated September 24, 2020, the Noticee was informed that its request for inspection of documents has been rejected by the undersigned as all relevant and relied upon documents have already been provided to it. Further, vide the said email, another opportunity of personal hearing was provided to the Noticee October 06, 2020, which was rescheduled on October 13, 2020 on the request of the Noticee.
Adjudication Order in respect of Sinew Developers Pvt. Ltd. Page 4 of 19 d. The Articles of the Company were also amended to incorporate the terms of the debenture subscription agreement and provided that the Company shall not take any action in relation to the Reserved Matters, unless they are approved by a nominee director of the debenture holder prior to being taken up at the Board meeting and, thereafter, approved at the Board meeting of the Company, where the nominees of the debenture holder are in a majority;
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Source: SecMarx — sebi:Order/GR/RK/2020-21/9849. 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.