sebi:Order/SM/AD/2023-24/29055
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Facts / Headnote
Partially upheld violations; some allegations not established; penalty imposed for failure to disclose defaults under SEBI Circular dated November 21, 2019 and delayed disclosure of CIRP initiation
Provisions invoked
- s. 15J
- s. 15
- s. 15F
- s. 23
- s. 23J
- s. 23A
Regulations
- Reg. 30
- Reg. 4(1)
- Reg. 30(4)
- Reg. 4(1)(c)
- Reg. 4(1)(e)
- Reg. 4(1)(d)
- Reg. 30(6)
- Reg. 4(1)(h)
- Reg. 4(1)(i)
Parties
- Hubtown Limited
Holding
The adjudicating officer found Hubtown Limited in violation of SEBI Circular dated November 21, 2019 for failing to disclose defaults for quarters ended December 31, 2019 and March 31, 2020, and in violation of Regulation 30(6) read with Clause 16(b) of Schedule III for delayed disclosure of CIRP initiation, but found no violation of Clause 6 of Schedule III due to ambiguity in the term 'default' at the relevant time.
Full text
Adjudication Order in respect of Hubtown Limited in the matter of Hubtown Limited Page 2 of 25 dated November 21, 2019 of SEBI read with Regulation 4(1)(c), (d), (e), (h), (i) and (j) of LODR Regulations, Clause 6 of Para A of Part A of Schedule III read with Regulation 30(6) of LODR Regulations and SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 and Clause 16(b) of Para A of Part A of Schedule III of LODR Regulations read with Regulation 30(6) of LODR Regulations by Noticee.
Adjudication Order in respect of Hubtown Limited in the matter of Hubtown Limited Page 3 of 25 5. Noticee vide its letter as well as email dated June 05, 2023, submitted its reply to the SCN. On the scheduled date of hearing i.e. June 07, 2023, Mr. Karan Thakker, Authorised Representative (AR) of Noticee, attended the hearing and reiterated the
Adjudication Order in respect of Hubtown Limited in the matter of Hubtown Limited Page 4 of 25 SEBI /HO /CFD /CMD1/ CIR/P/2019/140 dated November 21, 2019 read with Regulation 4(1)(c), (d), (e), (h), (i) and (j) LODR Regulations.
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Source: SecMarx — sebi:Order/SM/AD/2023-24/29055. 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.