sebi:Order/SM/S./2022-23/16410
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Facts / Headnote
The alleged violations of Clauses 49(VII)(C) and 49(VII)(E) of the Listing Agreement and Regulations 23(1), 23(2) and 23(4) of the LODR Regulations were found established. The excerpt does not state the operative penalty amount or final penalty direction.
Provisions invoked
- s. 11
- s. 15
- s. 19
- s. 23J
- s. 23
- s. 23E
- s. 2(76)
Regulations
- Reg. 23(1)
- Reg. 23(4)
- Reg. 23
- Reg. 2(1)
- Reg. 23(2)
Parties
- Adhunik Industries Ltd.
Holding
The Adjudicating Officer found that the FY 2015–16 fund transactions between Adhunik Industries Ltd. and its related party, Adhunik Corporation Ltd., constituted a material related party transaction and that the alleged Listing Agreement and LODR violations were established. The excerpt does not disclose the operative penalty amount.
Full text
Adjudication Order in the matter of Adhunik Industries Ltd. Page 2 of 23 APPOINTMENT OF ADJUDICATING OFFICER 2. Vide order dated December 29, 2020 SEBI appointed the undersigned as the Adjudicating Officer under Section 19 read with Section 15-I of SEBI Act and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as ‘Adjudication Rules’) and under Section 23-I of Securities Contracts (Regulation) Act, 1956 (hereinafter referred to as ‘SCRA) and Rule 3 of Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 2005 (hereinafter referred to as “SCR Adjudication Rules”) to inquire into and adjudge, the alleged violations of Regulations 23(1), (2), and (4) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (hereinafter referred to “LODR Regulations”) and Clauses 49(VII)(C) and 49(VII)(E) of the Listing Agreement by the Noticee.
Adjudication Order in the matter of Adhunik Industries Ltd. Page 3 of 23 Lal Agarwal and Mahesh Kumar Agarwal were directors in ACL and they along with their relatives were holding are more than 2% of the total shareholding of both the companies.”
Adjudication Order in the matter of Adhunik Industries Ltd. Page 4 of 23 SCRA and Rule 4 of SEBI AO Rules read with Section 15-I of SEBI Act and
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