sebi:Order/PM/GD/2022-23/16121
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Facts / Headnote
Violations of LODR Regulations, 2015 established; monetary penalty attracted under section 15A(b) of the SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 16
- s. 15J
- s. 17
- s. 14
- s. 238
- s. 31
- s. 136
- s. 105
Regulations
- Reg. 55
- Reg. 52
- Reg. 7(3)
- Reg. 9
- Reg. 50(3)
- Reg. 52(4)
- Reg. 58
- Reg. 60(2)
- Reg. 54(1)
- Reg. 56
- Reg. 57(1)
- Reg. 57(2)
- Reg. 60(1)
- Reg. 52(5)
- Reg. 50(1)
Parties
- Panyam Cements and Mineral Industries Limited
Holding
The Noticee violated regulations 7(3), 9, 50(1), 50(3), 52(4), 52(5), 54(1), 54(2), 55, 56, 57(1), 57(2), 58, 60(1) and 60(2) of the LODR Regulations, 2015, and such violations attract monetary penalty under section 15A(b) of the SEBI Act, 1992. The Noticee's contentions regarding IBC moratorium and resolution plan approval do not bar the adjudication proceedings, though enforcement of the order is subject to the outcome of pending appeals before the Supreme Court.
Full text
Adjudication order in the matter of Panyam Cements and Mineral Industries Limited Page 2 of 25 APPOINTMENT OF ADJUDICATING OFFICER
Adjudication order in the matter of Panyam Cements and Mineral Industries Limited Page 3 of 25 Privately placed/Public issue Privately Placed ISIN INE167E07018 Date of Issuance (Allotment) April 12, 2016 (Date of Listing) Date of Maturity March 31, 2021 Frequency of Interest Payment Monthly Amount of NCDs issued (Rs. in crore) 97.80 Amount of NCDs Outstanding 97.80 No. of Investors 2 Details of investors EW India Special Assets fund PTE Ltd. and Ecap Equities Ltd
Adjudication order in the matter of Panyam Cements and Mineral Industries Limited Page 4 of 25 Sr. No. Provisions of LODR Regulations, 2015 Alleged non-compliance as observed by SEBI 2 Regulation 9 Listed entity should have a policy for preservation of documents, approved by its board of directors, Noticee stated that it failed to comply and hence Noticee violated aforesaid regulation of LODR Regulations, 2015 3 Regulation 50(1) Prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable BSE informed that the Noticee has not submitted the information under the said provision of Regulation and hence Noticee violated aforesaid regulation of LODR Regulations, 2015 4 Regulation 50(3) A listed entity intimate to the stock exchange(s), at least two working days in advance, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non- convertible debt securities or any other matter affecting the rights or interests of holders of non- convertible debt securities or non-convertible redeemable preference shares is proposed to be considered. BSE informed that the Noticee has not submitted the information under the said provision of Regulation and hence Noticee violated aforesaid regulation of LODR Regulations, 2015. 5 Regulation 52(4) Disclosure of line items prescribed und
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Source: SecMarx — sebi:Order/PM/GD/2022-23/16121. 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.