sebi:Order/SR/SM/2020-21/8025/30
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Facts / Headnote
Alleged violations of regulations 52(4), 52(5) and 54(2) of LODR Regulations, 2015 held established for specific instances; penalty determination under section 15A(b) of SEBI Act, 1992
Provisions invoked
- s. 15A
- s. 15
- s. 10
- s. 15J
- s. 28A
- s. 23
- s. 30
- s. 14
- s. 238
- s. 31
- s. 32A
- s. 31(1)
- s. 53
- s. 60(6)
- s. 32A(1)
Regulations
- Reg. 58
- Reg. 55
- Reg. 57
- Reg. 53
- Reg. 4
- Reg. 54
- Reg. 52(4)
- Reg. 51
- Reg. 50(2)
- Reg. 52(5)
- Reg. 56
- Reg. 59
- Reg. 60
- Reg. 54(2)
- Reg. 61
- Reg. 63
- Reg. 52(3)
- Reg. 2(l)(k)
Parties
- Monnet Ispat & Energy Limited
Holding
The Adjudicating Officer held that the Noticee (Monnet Ispat & Energy Limited) violated regulations 52(4), 52(5) and 54(2) of the LODR Regulations, 2015 for the specific instances alleged in the SCN, rejecting the Noticee's defenses based on the NCLT-approved Resolution Plan, section 32A of the IBC, and the argument that disclosures in annual reports suffice for compliance with regulation 54(2).
Full text
Adjudication order in respect of Monnet Ispat & Energy Limited Page 2 of 32 appointed Shri V. S. Sundaresan as Adjudicating Officer (in short AO), under section 15-I of The Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act, 1992) r/w rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (hereinafter referred to as Adjudication Rules, 1995) to inquire into and adjudge under section of 15A(b) of the SEBI Act, 1992, the alleged violations of provisions of regulations 52(4), 52(5) and 54(2) of LODR Regulations, 2015. The matter was transferred and undersigned was appointed AO, which was conveyed vide communique dated December 26, 2019.
Adjudication order in respect of Monnet Ispat & Energy Limited Page 3 of 32 INE743C07077 10/04/2013 INE743C07085 10/04/2013 INE743C07093 20/06/2013 INE743C07101 08/07/2013 INE743C07119 17/04/2014
Adjudication order in respect of Monnet Ispat & Energy Limited Page 4 of 32 Noticee has alleged to have violated Regulation 52(5) of the LODR Regulations. c. The Noticee has failed to disclose to BSE in its quarterly financial statements for the period ending December 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016, the extent and nature of security created and maintained with respect to its listed NCDs. Thus, the Noticee has alleged to have violated Regulation 54(2) of the LODR Regulations.
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Source: SecMarx — sebi:Order/SR/SM/2020-21/8025/30. 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.