sebi:Order/SM/AD/2021-22/14366
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Facts / Headnote
Penalty imposed on Noticee for violation of Regulation 7(4) of LODR Regulations, 2015; allegation of violation of Clause 20 of Code of Conduct under RTI/STA Regulations not established
Provisions invoked
- s. 15
- s. 19
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 28A
Regulations
- Reg. 13
- Reg. 199
- Reg. 7(4)
Parties
- Dhanvarsha Finvest Limited
Holding
The Noticee violated Regulation 7(4) of LODR Regulations, 2015 by failing to execute a valid tripartite agreement upon change of STA, but did not violate Clause 20 of the Code of Conduct under RTI/STA Regulations as that obligation binds only RTIs and STAs, not issuer companies. A penalty of Rs. 2,50,000 was imposed under Section 15HB of the SEBI Act.
Full text
Adjudication Order in respect of Dhanvarsha Finvest Limited in the matter of Accurate Securities & Registry Pvt. Ltd. Page 2 of 12
Adjudication Order in respect of Dhanvarsha Finvest Limited in the matter of Accurate Securities & Registry Pvt. Ltd. Page 3 of 12 (a) During the course of inspection, it was submitted by ASRPL vide its letter dated December 19, 2018 that it had not received the previous records from the erstwhile STA such as share certificate lying undelivered, unpaid dividend data, physical share transfer, demat request forms, issuance of duplicate share certificate/conversion of shares/transposition of shares, transmission of shares, remat, split, consolidation, payment of dividend, bonus, shareholder address, no. of shareholders at the time of agreement, no. of physical shares, no. of shares in demat mode, dividend amount transferred to IEPF, share forfeiture, partly paid-up shares etc. and that no further efforts were made by them to obtain all such records from Noticee .
Adjudication Order in respect of Dhanvarsha Finvest Limited in the matter of Accurate Securities & Registry Pvt. Ltd. Page 4 of 12 24, 2016 which was before the Company was acquired by the existing promoters and therefore these are prior period events.
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Source: SecMarx — sebi:Order/SM/AD/2021-22/14366. 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.