sebi:Order/SM/RG/2022-23/24180
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Facts / Headnote
Monetary penalty of Rs. 1,00,000 imposed on the Noticee under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 8
Parties
- Incredible Realcon Pvt. Ltd.
Holding
The Noticee, Incredible Realcon Pvt. Ltd., contravened Clause 3.2 of SEBI Circular dated June 23, 2020 read with Clause 4.1 of Chapter XI of SEBI Circular dated August 10, 2021 read with Regulation 8 of LODR Regulations, and is liable for penalty under Section 15HB of the SEBI Act, with a penalty of Rs. 1,00,000 imposed.
Full text
Adjudication order in the matter of non-submission of bank details by Issuers to Debenture Trustees Page 2 of 9 referred to as the “Noticee”) had failed to comply with the provisions of the aforementioned Circular even after repeated reminders from the Bombay Stock Exchange Ltd. (hereinafter referred to as “BSE”) and the Advisory Letter issued by SEBI on June 03, 2022. The SEBI Circular SEBI/HO/DDHS/CIR/P/103/2020 dated June 23, 2020 was superseded by SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021.
Adjudication order in the matter of non-submission of bank details by Issuers to Debenture Trustees Page 3 of 9 January 20, 2023 The Noticee did not appear for hearing. February 17, 2023 SEBI, in the interest of natural justice, provided another opportunity of hearing scheduled on February 27, 2023. February 27, 2023 The Noticee did not appear for hearing.
Adjudication order in the matter of non-submission of bank details by Issuers to Debenture Trustees Page 4 of 9 i. The company informed the bank account details and pre-authorisation letter to the Debenture Trustee vide letter dated 9 January, 2023 ii. Debenture Trustee is already a signatory to the Escrow Account Agreement dated 4th October, 2017 pursuant to which it controls the relevant Account for payment of principal of Debentures as required in Compliance with Para 3.2 of the Circular iii. The issuer’s business was impacted by Covid-19 and has been facing internal / external issues, litigations, and unforeseen challenges over the last few years. Because of this issuer has been suffering from significant attrition and there was a delay in responding to the emails and letters from BSE and SEBI.
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Source: SecMarx — sebi:Order/SM/RG/2022-23/24180. 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.