sebi:Order/MC/VS/2019-20/5824
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Decided ex parte; penalty imposed
Provisions invoked
- s. 23
- s. 21
- s. 23H
- s. 23J
- s. 23F
Regulations
- Reg. 103
Parties
- Kyra Landscapes Ltd.
Holding
The Noticee, Kyra Landscapes Ltd., was held to have violated Section 23F of the SCRA and Clause 35 of the Listing Agreement read with Section 21 of the SCRA, and a total monetary penalty of Rs. 4,00,000 was imposed, comprising Rs. 2,00,000 under Section 23F and Rs. 2,00,000 under Section 23H.
Full text
Page 2 of 12 Adjudication Order in respect of Kyra Landscapes Ltd.in the matter of Kyra Landscapes Ltd. 35 of the Listing Agreement read with Regulation 103 (2) of LODR Regulations and Section 21 of the SCRA.
Page 3 of 12 Adjudication Order in respect of Kyra Landscapes Ltd.in the matter of Kyra Landscapes Ltd. c. Confirmation from the RTA in respect of dispatch of shares issued in physical form iii. Since KLL did not file application for trading approval for the abovementioned equity shares till date, BSE did not issue trading notice for the said 88,55,000 shares, and trading in the securities of KLL was suspended w.e.f. October 18, 2016. iv. As per letters dated February 15, 2019 and February 18, 2019 received from Central Depository Services Ltd. (“CDSL”) and National Securities Depository Limited (“NSDL”) respectively, the said shares were credited to the beneficial owners’ account with lock-in upto January 11, 2013, and credit under lock-in was given under the same ISIN as the normal shares. Upon expiry of lock-in, shares were moved from “lock-in balance” to “free balance” under the same ISIN. v. Despite no intimation being received from the BSE with respect to trading approval for shares allotted on preferential basis on January 11, 2012, the shares were debited from the demat account of the preferential allottees on account of sale on the exchange platform beginning from January 14, 2013. vi. As informed by BSE, out of 41 allottees, 33 allottees sold their allotted shares either fully/partly without KLL having approached BSE for seeking trading permission. Thus, the sale of shares by the preferential allottees was in alleged contravention of Section 23F of the SCRA, which i
Page 4 of 12 Adjudication Order in respect of Kyra Landscapes Ltd.in the matter of Kyra Landscapes Ltd. 7. A time period of 14 days was granted to the Noticee to present its reply to the SCN.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/MC/VS/2019-20/5824. 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.