sebi:SO/SM/HG/2022-23/6908
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Facts / Headnote
Adjudication proceedings disposed of on settlement without admission or denial upon payment of settlement amount
Provisions invoked
- s. 19
- s. 15H
- s. 15J
- s. 21
- s. 23E
- s. 15I(1)
- s. 23I(1)
Regulations
- Reg. 25
- Reg. 28
- Reg. 23(1)
- Reg. 3(1)
- Reg. 200
- Reg. 74(1)
- Reg. 28(1)
- Reg. 73(1)(e)
- Reg. 108(2)
- Reg. 74(2)
- Reg. 23J
Parties
- Jumbo Finance Limited
Holding
The instant adjudication proceedings initiated against Jumbo Finance Limited by way of SCN dated April 13, 2022 are disposed of in terms of Section 15JB of the SEBI Act read with Regulation 23JA of SCRA read with Regulation 23(1) of the Settlement Regulations upon receipt of the settlement amount of Rs. 44,20,000.
Full text
Settlement Order in the matter of Jumbo Finance Limited Page 2 of 4 2. SEBI vide its order dated March 04, 2022, appointed the undersigned as the Adjudicating Officer (hereinafter referred to as ‘AO’) under Section 19 of Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’) read with Section 15I(1) of SEBI Act and Section 23I(1) of SCRA and Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as ‘SEBI Adjudication Rules’) and Rule 3 of Securities Contracts Regulation (Procedure for Holding Inquiry and Imposing Penalties) Rules, 2005 (hereinafter referred to as ‘SCRA Adjudication Rules’) (both rules collectively being referred to as “Adjudication Rules”) to inquire into and adjudge under- a) Section 15HB of SEBI Act, the alleged violation of Regulations 108(2), 74(1), 74(2) of ICDR Regulations 2009 and Regulation 73(1)(e) of Chapter VII of ICDR Regulations 2009; b) Section 23E of SCRA, the alleged violation of Clause 24(a) of Listing Agreement read with Section 21 of SCRA read with Regulation 28(1) of LODR Regulations; by Noticee.
Settlement Order in the matter of Jumbo Finance Limited Page 3 of 4 the shareholders through special resolution and prior approval granted by the Exchange and 36,34,951 equity shares were allotted to those allottees for which Noticee had not taken shareholders’ approval as well as Exchange’s in-principle approval. It is, therefore, alleged that Noticee has violated Regulation 74(2) of ICDR Regulations 2009, Regulation 73(1)(e) of Chapter VII of ICDR Regulations 2009 and Clause 24(a) of Listing Agreement read with Section 21 of SCRA read with Regulation 28(1) of LODR Regulations.
Settlement Order in the matter of Jumbo Finance Limited Page 4 of 4 vide reference no. SEBI/EAD/SM/OW/16342/2022 in respect of Jumbo Finance Limited dated April 13, 2022 are disposed of in terms of Section 15JB of the SEBI Act read with Regulation 23JA of SCRA read with Regulation 23(1) of the Settlement Regulations.
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Source: SecMarx — sebi:SO/SM/HG/2022-23/6908. 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.