sebi:Order/SM/AD/2022-23/22236

SEBI · SEBI · 2021-03-01 · Soma Majumder, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 2,00,000 imposed under Section 15HB of SEBI Act

Provisions invoked

Regulations

Parties

Holding

Noticee violated Regulation 16(1) of ILDS Regulations read with Rule 18(7)(c) of Companies (Share Capital and Debentures) Rules, 2014 by failing to deposit 15% of NCDs maturing in FY 2017-18 before April 30, 2017, and penalty of Rs. 2,00,000 under Section 15HB of SEBI Act was imposed, with enforcement subject to Supreme Court outcome in SEBI Vs. Dewan Housing Finance Corporation Ltd.

Full text

Adjudication Order in the matter of D.S. Kulkarni Developers Limited Page 2 of 18 2. Thereafter, SEBI initiated adjudication proceedings under Section 15HB of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) for the aforementioned violations observed against Noticee.

Adjudication Order in the matter of D.S. Kulkarni Developers Limited Page 3 of 18 at 25% (Rs. In Cr.) 2015-16( Rs. In Cr) (Rs. in Cr.) I INE891A07011 51.72 12.98 September 06,2017 4.31 4.31 II INE891A07037 23.42 5.86 March 06,2020 1.06 1.06 III INE891A07045 2.12 0.53 September 06,2020 0.08 0.08 IV INE891A07029 34.43 8.61 September 06,2021 1.23 1.23

Adjudication Order in the matter of D.S. Kulkarni Developers Limited Page 4 of 18 v. As per available records, the Noticee had not invested/deposited 15% of amount of its debentures maturing during the year as required under Companies (Share Capital and Debenture) Rules, 2014.

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Source: SecMarx — sebi:Order/SM/AD/2022-23/22236. 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.