sebi:Order/SM/RG/2022-23/24206
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on Noticee
Provisions invoked
- s. 15
- s. 15H
- s. 15I
- s. 15J
- s. 28A
Regulations
- Reg. 8
Parties
- Rajesh Estates & Nirman Pvt. Ltd.
Holding
The Noticee was found in contravention of 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 and Regulation 8 of LODR Regulations for non-submission of bank details and pre-authorisation to the Debenture Trustee, 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 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,
Adjudication order in the matter of non-submission of bank details by Issuers to Debenture Trustees Page 3 of 9 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 5. The Noticee replied to the allegations levelled in the SCN as follows: i. The company could not submit the bank details to Debenture Trustee in accordance with Securities and Exchange Board of India ("SEBI") circulars SEBI/HO/DDHS/CIR/P/103/2020 dated June 23, 2020 and SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021. ii. The Company and the Group is into Real Estate Development. Because of many micro and macro economic, financial, market factors, the company could not complete the project for which the company had issued NCDs. In meantime, due to onset of covid-19 pandemic and nationwide lockdown, the company did not have requisite man power to comply properly with the regulations. The various parties filed the suit/petition before the various courts and National Company Law Tribunal (NCLT) under IBC and other applicable laws. iii. Further, on 16th July 2021, in matter of Steel Investments Pvt. Ltd. NCLT passed an order under section 7 of IBC for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Rajesh Estates and Nirman Private Limited ("Company") and the Board of Directors of the Company were suspended during CIRP and the said CIRP Order was set aside by National Company Law Appellate Tribunal, New Delhi (NCLAT) vide its order dated 08th December, 2021and accordingly on 14th December, 2021NCLT passed an Order for the withdrawn of CIRP a
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:Order/SM/RG/2022-23/24206. 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.