sebi:Order/NR/2021-2022/12051

SEBI · SEBI · 2016-02-15 · Narendra Rawat, General Manager & Adjudicating Officer

This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.

Facts / Headnote

Regulation 8(1) allegation held not established; Regulation 8(2) violation held established with penalty imposed only for F.Y. 2007, no penalty for F.Y. 2010 due to BIFR waiver.

Provisions invoked

• s. 15A
• s. 3(1)
• s. 15J
• s. 15
• s. 15F

Regulations

• Reg. 6
• Reg. 8(2)
• Reg. 8(1)

Parties

• Mr. Dyal Sarup

Holding

The Noticee, as promoter of Himachal Fibres Limited, violated Regulation 8(2) of SAST Regulations, 1997 by delayed disclosures for F.Y. 2007 and F.Y. 2010, but did not violate Regulation 8(1); a monetary penalty of Rs. 1,00,000 under Section 15A(b) was imposed only for the F.Y. 2007 delay.

Full text

Adjudication Order in the matter of Himachal Fibres Limited Page 2 of 8 3. Subsequently, undersigned was appointed as Adjudicating officer vide order dated Dec 09, 2014.

Adjudication Order in the matter of Himachal Fibres Limited Page 3 of 8 Consideration of Issues, Evidence and Findings 7. I have carefully perused the charges levelled against the Noticee in the SCN, written

Adjudication Order in the matter of Himachal Fibres Limited Page 4 of 8 Submissions made by the Noticee: 10. During personal hearing held on April 13, 2018, the authorized representative of the Noticee submitted as under: (i) That the matter is old, no loss to investors has been caused and the fault is of technical nature, therefore, a lenient view may be taken. (ii) That written submissions would be made in 4-5 days.

Source: SecMarx — sebi:Order/NR/2021-2022/12051. 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.