sebi:Order/KS/VC/2019-20/6662
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Facts / Headnote
Violations established; total penalty of Rs. 9,50,000 imposed on the Noticee
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15J
- s. 28A
- s. 23E
- s. 21
- s. 23H
- s. 23
- s. 22
Regulations
- Reg. 19
- Reg. 11(2)
- Reg. 19A
- Reg. 2
- Reg. 38
- Reg. 31A
- Reg. 2(1)(e)
- Reg. 31A(2)
- Reg. 1
- Reg. 2(1)(q)(v)
Parties
- Kesar Petroproducts Limited
Holding
Kesar Petroproducts Limited delayed MPS compliance until quarter ended March 2016, used a non-prescribed warrant-conversion method without prior SEBI approval, and reclassified Raj Kumar from promoter to public without BSE approval, violating MPS and reclassification norms and incurring penalties of Rs. 3,00,000 under Section 23E, Rs. 3,50,000 under Section 23H and Rs. 3,00,000 under Section 15HB.
Full text
Page 2 of 41 years from the date of commencement of the abovementioned amendment i.e. by June 03, 2013 to comply with the requirements of MPS in the manner specified by the Securities and Exchange Board of India (hereinafter referred to as ‘SEBI’).
Page 3 of 41 Restrain the shareholders forming part of the promoter/promoter group in the non-compliant companies from holding new position as a director in any listed company, till such time these companies comply with the minimum public shareholding requirement, Restrain the directors of non-compliant companies from holding new position as a director in any listed company, till such time these companies comply with the minimum public shareholding requirement.
Page 4 of 41 read with Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) and Section 23-I(1) of the Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCR Act’) read with Rule 3 of Securities Contracts (Regulation)(Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005 (hereinafter referred to as ‘SCRA Adjudication Rules’) to inquire into and adjudge under the provisions of Section 15HB of the SEBI Act and Sections 23E & 23H of SCR Act, the alleged violations of the relevant provisions of law. SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING:
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Source: SecMarx — sebi:Order/KS/VC/2019-20/6662. 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.