sebi:Order/MC/DS/2019-20/6953
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Facts / Headnote
Penalty imposed on the Noticee for violations of Listing Agreement clauses 36 and 54 read with Section 21 of SCRA
Provisions invoked
- s. 15I
- s. 73
- s. 23A
- s. 23J
- s. 21
- s. 23E
Parties
- M/s Helios and Matheson Information Technology Ltd
Holding
The Noticee violated Clauses 36 and 54 of the Listing Agreement read with Section 21 of the SCRA by failing to disclose four material developments (CRISIL rating downgrade, arrest of three top executives, winding up petitions, and adverse court orders) and by failing to maintain updated website contents, and is liable for a total penalty of Rs. 65 lakhs under Sections 23A(a) and 23E of the SCRA.
Full text
Adjudication Order in the matter of M/s Helios and Matheson Information Technology Ltd Page 2 of 19 3. Vide Order dated November 27, 2019, the undersigned was appointed as Adjudicating Officer in the instant matter and the appointment of the AO was communicated vide communique dated December 2, 2019.
Adjudication Order in the matter of M/s Helios and Matheson Information Technology Ltd Page 3 of 19 2015 as the court denied them bail. It was alleged that Noticee failed to disclose this crucial information to the stock exchanges.
Adjudication Order in the matter of M/s Helios and Matheson Information Technology Ltd Page 4 of 19 Conditions for listing.
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Source: SecMarx — sebi:Order/MC/DS/2019-20/6953. 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.