sebi:RA/CB/263/2017

SEBI · SEBI · 2017-06-05 · Rachna Anand, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 1,00,000 imposed under Section 15HB of the SEBI Act for violation of Regulation 45(3) of the LODR Regulations

Provisions invoked

• s. 15
• s. 15H
• s. 15J

Regulations

• Reg. 45(1)
• Reg. 45(3)
• Reg. 45(2)
• Reg. 45

Parties

• 63 Moons Technologies Limited

Holding

The Noticee violated Regulation 45(3) of the LODR Regulations by obtaining fresh certificate of incorporation for name change before seeking prior stock exchange approval, and is liable to a monetary penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act.

Full text

Adjudication Order in the matter of 63 Moons Technologies Ltd. Page 2 of 10 transfer of Shri Nagendraa Parakh, the undersigned was appointed as Adjudicating Officer vide order May 12, 2017 in the instant matter. The proceeding of appointment of the undersigned as Adjudicating Officer was communicated to the undersigned vide communique dated June 05, 2017.

Adjudication Order in the matter of 63 Moons Technologies Ltd. Page 3 of 10 (c) the amount invested in the new activity/project is at least fifty percent. of the assets of the listed entity: Provided that if any listed entity has changed its activities which are not reflected in its name, it shall change its name in line with its activities within a period of six months from the change of activities in compliance of provisions as applicable to change of name prescribed under Companies Act, 2013. (2) On satisfaction of conditions at sub-regulation (1), the listed entity shall file an application for name availability with Registrar of Companies. (3) On receipt of confirmation regarding name availability from Registrar of Companies, before filing the request for change of name with the Registrar of Companies in terms of provisions laid down in Companies Act, 2013 and rules made thereunder, the listed entity shall seek approval from Stock Exchange by submitting a certificate from chartered accountant stating compliance with conditions at sub-regulation (1).

Adjudication Order in the matter of 63 Moons Technologies Ltd. Page 4 of 10 Exchange(s) were also put to notice from time to time about the proposed change. iii. The Noticee was and continues to be engaged in the business of information technology and related activities and statutory auditors had also certified compliance of Regulation 45(1) of the LODR Regulations. iv. The name change was in public domain much before the applicability of Regulation 45 of LODR Regulations as the Stock Exchanges were intimated vide letter dated August 18, 2015 and it was extensively covered in its Annual Report 2014-15. Similarly, the Stock Exchanges were also notified in the following manner: S. No. Date Contents of the letter

Source: SecMarx — sebi:RA/CB/263/2017. 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.