sebi:Order/PM/SM/2021-22/12927
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Facts / Headnote
Violation of regulation 52(1) established; penalty of Rs. 1,00,000 imposed under section 15A(b)
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 2A
Regulations
- Reg. 52(1)
- Reg. 102(3)
Parties
- Krishna Bhagya Jala Nigam Limited
Holding
The Noticee violated regulation 52(1) of LODR Regulations, 2015 by filing half-year results for period ended September 30, 2020 on February 10, 2021 against due date November 15, 2020 with 86 days delay, and a penalty of Rs. 1,00,000 under section 15A(b) of SEBI Act, 1992 was imposed.
Full text
Adjudication order in respect of Krishna Bhagya Jala Nigam Limited in the matter of non filing / delayed filing of financial results Page 2 of 12 April 01, 2020 to December 22, 2020. It was observed that Krishna Bhagya Jala Nigam Limited (hereinafter referred to as the Noticee / 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 Krishna Bhagya Jala Nigam Limited in the matter of non filing / delayed filing of financial results Page 3 of 12 violations of 52(1) of LODR Regulations, 2015 by the Noticee. The
Adjudication order in respect of Krishna Bhagya Jala Nigam Limited in the matter of non filing / delayed filing of financial results Page 4 of 12 attended the hearing on the scheduled date i.e. on March 12, 2021 and reiterated the submissions made by the Noticees vide its letter dated February 10, 2021. During the proceedings of hearing, the ARs requested for an additional two (2) das time to make fresh submissions and the same was acceded to. Noticee vide e-mail dated March 12, 2021 submitted its reply. Noticee’s reply letter dated February 10, 2021 and March 12, 2021 are summarized as under: a) Due to the outbreak of COVID-19 Pandemic, there were travel restrictions to the staff members of the Company. As such, the necessary information required for finalising the Accounts were not received in time from various field offices of the Company. Most of the staff members of the Statutory Auditors were also not attending the office due to COVID-19 and also not able to travel to various field offices on account of travel restrictions. Apart from the travel restrictions to the staff members of the Company due to the outbreak of COVID 19 Pandemic, certain key staff members were deputed on COVID 19 duty to various locations as per the instructions from the Government of Karnataka.
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Source: SecMarx — sebi:Order/PM/SM/2021-22/12927. 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.