sebi:WTM/MPB/ISD/42/2018
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Facts / Headnote
Interim directions issued; representation of M/s Adhunik Industries Limited disposed of; independent forensic audit ordered; trading restrictions on promoters/directors imposed pending further enquiry.
Provisions invoked
- s. 11B
- s. 11(4)
- s. 19
- s. 11(1)
Regulations
- Reg. 23(4)
- Reg. 23(1)
- Reg. 2
Parties
- M/s Adhunik Industries Limited
Holding
SEBI found prima facie evidence that Adhunik Industries Limited (AIL) was not in compliance with SEBI (LODR) Regulations, 2015, and that there is prima facie suspicion of misrepresentation of financials/business and misuse of books of accounts/funds. SEBI directed the exchange to appoint an independent forensic auditor and restricted promoters/directors from selling shares pending further enquiry.
Full text
Order in the matter of M/s Adhunik Industries Limited Page 2 of 31 and to promote the development of and regulations of securities markets by appropriate measures as deemed fit.
Order in the matter of M/s Adhunik Industries Limited Page 3 of 31 investors could take informed investment decisions, till SEBI and Exchanges completed their detailed examination of such companies.
Order in the matter of M/s Adhunik Industries Limited Page 4 of 31 of over Rs. 48.51 crores toward electricity bills to The Durgapur Projects Limited towards power expenses for the said manufacturing activities. (b) Our company has been regularly operating its day to day business and has been filing statutory returns a from time to time required to be filed under various laws. (c) It may be noted that in the last there years the company has a gross turnover of Rs. 1,316.75 crores, EBIDTA of Rs. 86.29 crores. Moreover we have paid an excise duty of Rs. 121.11 crores in the last three years. The copies of the annual reports for the years 2014-15, 2015- 16 and the financial results as on 31.03.2017 as submitted to NSE, BSE & CSE are enclosed. (d) It may further be noted that there are no investor complaints which are pending and we have at all times complied with rules and regulations as well as various provisions of the listing agreement and have been filing all required documents within the stipulated time with the concerned authorities. (e) We therefore request you to consider our above facts and submissions and withdraw such
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Source: SecMarx — sebi:WTM/MPB/ISD/42/2018. 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.