sebi:Order/SM/RG/2022-23/24205
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Facts / Headnote
Penalty imposed on the Noticee for non-compliance with SEBI circulars regarding bank details and pre-authorisation to Debenture Trustees
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 8
Parties
- Tridhaatu Renovators Pvt. Ltd.
Holding
The Noticee failed to comply with Clause 3.2 of SEBI Circular SEBI/HO/DDHS/CIR/P/103/2020 read with Clause 4.1 of Chapter XI of SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 by not pre-authorising the Debenture Trustee to seek debt redemption payment related information from the Issuer's bank, and a monetary penalty of Rs. 1,00,000/- was imposed 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 9 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 The SEBI Circular SEBI/HO/DDHS/CIR/P/103/2020 dated June 23, 2020 was superseded by SEBI Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021.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 19, 2023 SEBI, vide an email, acceded to the request of the Noticee and the hearing was rescheduled to February 03, 2023. February 03, 2023 The AR of the Noticee submitted the reply to the SCN. The AR of the Noticee appeared for hearing.
Adjudication order in the matter of non-submission of bank details by Issuers to Debenture Trustees Page 4 of 9 i. The Debenture Trustee had the required pre-authorisation to seek the payment related information from the bank as per relevant clauses of the Debenture Trust Deed dated 4 February, 2019 between Tridhaatu Renovators Pvt. Ltd., Vistra ITCL Ltd. and ASK Real Estate Special Situations Fund-1. ii. The Noticee was not required to further authorise the Debenture Trustee as per aforesaid circular, as the Debenture Trustee had the required authorisation already.
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Source: SecMarx — sebi:Order/SM/RG/2022-23/24205. 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.