sebi:SO/SV/RM/2024-25/7413

SEBI · SEBI · 2023-09-21 · Shashikumar Valsakumar, Adjudicating Officer

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Facts / Headnote

Adjudication proceedings disposed of pursuant to settlement

Provisions invoked

• s. 15H
• s. 15J

Regulations

• Reg. 3
• Reg. 25
• Reg. 28
• Reg. 23(1)
• Reg. 7(d)
• Reg. 20(3)(b)
• Reg. 21(8)

Parties

• IndiGrid Investment Managers Limited

Holding

The adjudication proceedings initiated against the Noticee vide SCN No. SEBI/EAD/SM/S./39542/1/2023 dated September 21, 2023 is disposed of in terms of Section 15JB of the SEBI Act read with Regulation 23(1) of the Settlement Regulations on the basis of the settlement terms, upon payment of ₹ 23,40,000/- as settlement amount.

Full text

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3. A Show Cause Notice Ref. No. SEBI/EAD/SM/S./39542/1/2023 dated September 21, 2023 (hereafter referred to as “SCN”) was issued by the erstwhile Adjudicating Officer to the Noticee in terms of the provisions of Rule 4 of the Adjudication Rules, calling upon the Noticee to show cause why an inquiry should not be held and penalty not be imposed, under Section 15HB of SEBI Act for the following alleged violations: 3.1. Noticee allegedly utilized fund raised through borrowings for purposes other than the acquisition or development of Infrastructure Projects in excess of 49% and thus it was alleged that Noticee violated Regulation 20(3)(b)(ii), Regulation 7(d) and Clause 1 and Clause 8 of Schedule VI of InvIT Regulations. 3.2. Noticee allegedly undertook valuation of assets which were acquired after signing of SPA/completion of acquisition of asset, thus it was alleged that Noticee violated Regulations 21(8), Regulation 7(d) and Clauses 1 and 8 of Schedule VI of InvIT Regulations.

Source: SecMarx — sebi:SO/SV/RM/2024-25/7413. 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.