sebi:Order/KS/MG/2018-19/2207
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Facts / Headnote
Noticee found in violation of Sections 11(2)(i) and 11C(3) of the SEBI Act and Section 21 of SCRA read with clause 43 of the Listing Agreement; penalty imposed under Section 15A(a) of SEBI Act and Section 23E of SCRA
Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 81
- s. 21
- s. 11(2)
- s. 15J
- s. 11C
- s. 15F
- s. 23I
- s. 23J
- s. 23E
- s. 23
Regulations
- Reg. 199
Parties
- Radford Global Limited (RGL)
Holding
The Noticee (Radford Global Limited) violated Sections 11(2)(i) and 11C(3) of the SEBI Act by not complying with SEBI's investigation summons, and violated Section 21 of the SCRA read with clause 43 of the Listing Agreement by failing to make required quarterly disclosures regarding utilization of preferential allotment proceeds. Penalty is attracted under Section 15A(a) of the SEBI Act and Section 23E of the SCRA for these violations.
Full text
Page 2 of 36 failed to produce the same. In view of the same, SEBI has initiated adjudication proceedings under Section 15A(a) of the SEBI Act against the Noticee.
Page 3 of 36 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 5. A show-cause notice (SCN) no. SEBI/EAD/KS/MKG/33168/2017 dated December 27, 2017 was issued to the Noticee under Rule 4 of the AO Rules to show-cause as to why an inquiry should not be initiated against Noticee and penalty not be imposed upon it under (i). Section 15A(a) of SEBI Act, for the alleged violation of the provisions of Sections 11(2)(i) and 11C(3) of the SEBI Act (ii). Section 23E of the SCRA for the alleged violation of Section 21 of the SCRA read with clause 43 of the Listing Agreement by the Noticee. The Noticee was given 15 days of time to make its submission against the allegations made in the SCN. The SCN issued to the Noticee inter alia mentioned the following:
Page 4 of 36 Source of shares as per company/ RTA/ seller submissions Name of sellers referred to in SEBI orders Documents claimed to have been relied by company/ RTA Documents furnished / not furnished
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Source: SecMarx — sebi:Order/KS/MG/2018-19/2207. 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.