sebi:Order/SM/RG/2022-23/24204
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Facts / Headnote
Violation established; monetary penalty imposed
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 8
Parties
- Palai Developments Pvt. Ltd.
Holding
The Noticee, Palai Developments Pvt. Ltd., contravened Clause 3.2 of Annexure A 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. A monetary penalty of Rs. 1,00,000 was imposed on the Noticee under Section 15HB of the SEBI Act.
Full text
Adjudication order in the matter of non-submission of bank details by Issuers to Debenture Trustees Page 2 of 8 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 The SEBI Circular SEBI/HO/DDHS/CIR/P/103/2020 dated June 23, 2020 was superseded by SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021.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 8 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 8 5. The Noticee in its reply to the SCN had submitted that it had provided the required pre-authorisation to the Debenture Trustee vide its letter dated September 14, 2022.
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