sebi:RA/DPS/145-157/2017
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Facts / Headnote
Penalty of Rs 13,00,000 imposed on Noticee No.1 / M/s Tea Time Limited under Section 23E of SCRA; no penalty imposed on Noticee Nos. 2 to 13
Provisions invoked
- s. 15J
- s. 15A
- s. 15F
- s. 23J
- s. 21
- s. 23
- s. 23E
- s. 23H
- s. 23I
Regulations
- Reg. 19
- Reg. 19A
Parties
- M/s Tea Time Limited
- Hindusthan Udyog Limited
- Macneill Electricals Limited
- HSM Investments Limited
- Mr. V. N. Agarwal
- Mr. Prakash Agarwal
- Mrs. Premlata Agarwal
Holding
Noticee No.1 delayed compliance with MPS norms till September 9, 2015 and thereby violated Rule 19(2)(b) and 19A SCRR and Clause 40A Listing Agreement read with Section 21 SCRA, attracting penalty only under Section 23E SCRA. A penalty of Rs 13,00,000 was imposed on Noticee No.1, with no liability under Section 23E on Noticee Nos.2 to 13.
Full text
Adjudication Order in the matter of M/s Tea Time Limited Page 2 of 19 Hindusthan Udyog Limited, (9) Macneill Electricals Limited, (10) HSM Investments Limited, (11) Mr. V. N. Agarwal, (12) Mr. Prakash Agarwal and (13) Mrs. Premlata Agarwal (hereinafter referred to as ‘the Noticee No. 1 to 13’ respectively or all are collectively referred as 'the Noticees') had failed to comply with the Minimum Public Shareholding (MPS) norms as stipulated under Rule 19(2)(b) and 19A of the Securities Contracts (Regulation) Rules, 1957 (hereinafter referred to as “SCRR”) and Clause 40A of the Listing Agreement read with Section 21 of Securities Contracts (Regulations) Act, 1956 (hereinafter referred to as ‘SCRA’). The Noticee No. 1 is the company listed in Bombay Stock Exchange (BSE) and The Calcutta Stock Exchange (CSE).
Adjudication Order in the matter of M/s Tea Time Limited Page 3 of 19 the Listing Agreement read with Section 21 of SCRA. Following allegations were levelled against the Noticees in the SCN.
Adjudication Order in the matter of M/s Tea Time Limited Page 4 of 19 (e) Rights issues to public shareholders, with promoter/promoter group share-holders forgoing their entitlement to equity shares, whether present or future, that may arise from such issue; (f) Bonus issues to public shareholders, with promoter/promoter group share-holders forgoing their entitlement to equity shares, whether present or future, that may arise from such issue; (g) any other method as may be approved by SEBI, on a case to case basis.
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Source: SecMarx — sebi:RA/DPS/145-157/2017. 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.