sebi:Order/PM/SM/2021-22/12544
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Facts / Headnote
Violation for half-year ended September 30, 2020 established; violation for half-year ended March 31, 2020 not established; penalty of Rs. 1,00,000 imposed.
Provisions invoked
- s. 15A
- s. 15
- s. 15J
Regulations
- Reg. 52(1)
Parties
- Karnataka Neeravari Nigam Limited
Holding
The Noticee violated regulation 52(1) of LODR Regulations, 2015 by filing half-yearly results for period ended September 30, 2020 on March 04, 2021 with 108 days delay, but did not violate for period ended March 31, 2020, and is liable to Rs. 1,00,000 penalty under section 15A(b) of the SEBI Act, 1992.
Full text
Adjudication order in respect of Karnataka Neeravari Nigam Limited in the matter of non filing / delayed filing of financial results Page 2 of 12 Company) was one of the Companies which failed to comply with the provision of regulation 52(1) of LODR Regulations, 2015. Accordingly, SEBI initiated adjudication proceedings against the Noticee for the aforesaid non-compliance of regulation 52(1) of LODR Regulations, 2015.
Adjudication order in respect of Karnataka Neeravari Nigam Limited in the matter of non filing / delayed filing of financial results Page 3 of 12 The debt securities of the Noticee is listed with National Stock Exchange (NSE). SEBI examined the compliance status of the Noticee with regard to the regulation 52(1) of LODR Regulations, 2015 and the information sought from the stock exchanges. From the NSE e-mail dated December 22, 2020, SEBI observed the following: Financial Results pertaining to March 31, 2020 Financial Results pertaining to September 30, 2020 Due date Filed on Compliance status Due date Filed on Compliance status July 31, 2020 Not submitted Not complied November 15, 2020 Not submitted Not complied
Adjudication order in respect of Karnataka Neeravari Nigam Limited in the matter of non filing / delayed filing of financial results Page 4 of 12 of hearing on March 12, 2021. Noticee vide its letter dated March 10, 2021 submitted its reply. The AR attended the hearing on the scheduled date and reiterated the submissions made by the Noticee vide letters dated February 12, 2021 and March 10, 2021. Replies of the Noticee are summarized below: i. KNNL has submitted Half Yearly Financial Results for the period ended March 31, 2020 vide letter No. KNN/FD/S-VII1/2019-20/0945 dated June 19, 2020 and scanned copy of the same also sent through email on same date to the National Stock Exchange. Copy said letter is provided. ii. With regard to the half yearly result for the period ended September 30, 2020, Noticee submitted that due to the following reasons the Statutory Audit for the FY 2019-20 and preparation and filing of half yearly Un-audited Financial Results for the period ended September 30, 2020 could not be completed within due date:
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