sebi:Order/JS/YK/2025-26/31530
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Facts / Headnote
Monetary penalty of Rs. 2,00,000 imposed on Noticee under section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 11B
- s. 11
- s. 15H
- s. 15J
- s. 15I
- s. 25
- s. 31
- s. 2(76)
- s. 34(4)
- s. 31(4)
Regulations
- Reg. 15
- Reg. 23
- Reg. 23(4)
- Reg. 23(1)
- Reg. 23(9)
Parties
- Karma Energy Limited
Holding
Noticee violated regulation 23(4) and regulation 23(1) of the LODR Regulations by entering into a material RPT without prior shareholder approval and by failing to update its RPT policy, and is liable to penalty under section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of Karma Energy Limited Page 2 of 14 APPOINTMENT OF ADJUDICATING OFFICER 2. Pursuant to the superannuation of the earlier Adjudication Officer (hereinafter referred to as ‘‘AO’’) who had been appointed so vide communiqué dated October 15, 2024, the undersigned was appointed as AO in this matter vide communiqué dated April 21, 2025 under section 15-I of the SEBI Act read with rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “Rules”), to inquire into and adjudge under the provisions of section 15HB of the SEBI Act for the aforementioned violations alleged to have been committed by Noticee.
Adjudication Order in the matter of Karma Energy Limited Page 3 of 14 period April 01, 2023 to September 30, 2023. In response, Noticee vide e-mail dated November 22, 2023, inter alia, stated as under: “there were no material Related Party Transactions entered into during the period 1st April, 2023 to 30th September, 2023 and thereby not calling for prior approval of shareholders.”
Adjudication Order in the matter of Karma Energy Limited Page 4 of 14 consolidated turnover of the listed entity as per the last audited financial statements of the listed entity, whichever is lower.”
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Source: SecMarx — sebi:Order/JS/YK/2025-26/31530. 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.