sebi:Order/PM/GD/2022-23/16077

SEBI · SEBI · 2021-06-10 · Prasanta Mahapatra, Adjudicating Officer

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Facts / Headnote

Penalty of Rs 2,00,000 imposed under Section 15HB of the SEBI Act, 1992 for violation of Clause 10 of Schedule B read with Regulation 9(1) of PIT Regulations, 2015

Provisions invoked

• s. 11B
• s. 11
• s. 15
• s. 15H
• s. 15J
• s. 15F

Regulations

• Reg. 201
• Reg. 2(1)(g)
• Reg. 9(1)

Parties

• Madhusudan Vasudev Nagori

Holding

The Noticee, being a designated person, violated Clause 10 of the Minimum Standards for Code of Conduct under Schedule B read with Regulation 9(1) of the PIT Regulations, 2015 by executing contra trades and was held liable to a monetary penalty of Rs 2,00,000 under Section 15HB of the SEBI Act, 1992.

Full text

Adjudication Order in respect of Madhusudan Vasudev Nagori in the matter of Alok Industries Limited Page 2 of 13 APPOINTMENT OF ADJUDICATING OFFICER

Adjudication Order in respect of Madhusudan Vasudev Nagori in the matter of Alok Industries Limited Page 3 of 13 “CIRP”) in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) and a Resolution professional (hereinafter referred to as “RP”) was appointed for submission of report and approval of the same if any by the Committee of Creditors (hereinafter referred to as “CoC”). As per the provisions of the Code, the initial period of 180 days, for the insolvency resolution process was to expire on 14th January, 2018, which was extended by the Hon’ble NCLT up till April 14, 2018.

Adjudication Order in respect of Madhusudan Vasudev Nagori in the matter of Alok Industries Limited Page 4 of 13 Resolution Plan has received the assent of 72.19% of the voting share of the CoC”. The said announcement was made to BSE on June 22, 2018 at 14:32 P.M. and to NSE on June 22, 2018 at 14:45 P.M.

Source: SecMarx — sebi:Order/PM/GD/2022-23/16077. 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.