sebi:PM/NR/2020-21/9750
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Facts / Headnote
Violation established; penalty imposed
Provisions invoked
- s. 15A
- s. 15
- s. 19
- s. 15I
- s. 15J
Regulations
- Reg. 29
Parties
- Maxworth Investment Ltd.
Holding
Maxworth Investment Ltd. violated Regulation 29(2) read with Regulation 29(3) of the SEBI (SAST) Regulations, 2011 by failing to disclose a more than 2% change in shareholding in Karuturi Global Ltd., and was held liable under Section 15A(b) of the SEBI Act with a penalty of Rs 2,00,000 imposed.
Full text
Adjudication Order in respect of Maxworth Investment Ltd., in the matter of Karuturi Global Ltd., Page 2 of 9 3. Pursuant to examination, SEBI initiated Adjudication Proceedings against the Noticee and appointed the undersigned as the Adjudicating Officer vide Order dated October 17, 2019 under Section 19 of SEBI Act read with Sub-section (1) of Section 15-I of the SEBI Act, 1992 and Rule 3 of the SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “SEBI Adjudication Rules”) to inquire into and adjudge the alleged violation committed by the Noticee, under Section 15A(b) of the SEBI Act. SHOW CAUSE NOTICE, REPLY AND HEARING
Adjudication Order in respect of Maxworth Investment Ltd., in the matter of Karuturi Global Ltd., Page 3 of 9 Webex platform on November 12, 2020 and the link for joining the hearing along with the login credentials were sent to the Noticee through email at it’s Email ID jessica.chiatrustnet@gmail.com on November 11, 2020. However, I note that the Noticee neither submitted it’s reply nor appeared for the hearing.
Adjudication Order in respect of Maxworth Investment Ltd., in the matter of Karuturi Global Ltd., Page 4 of 9 9. I have taken into consideration the facts and material available on record. I observe that the allegation levelled against the Noticee is that it has failed to make the requisite disclosures under the relevant provisions of SEBI (SAST) Regulations, 2011.
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Source: SecMarx — sebi:PM/NR/2020-21/9750. 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.