sebi:WTM/PS/21/CFD/JULY/2014
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Facts / Headnote
Interim directions dated June 04, 2013 revoked with immediate effect; case referred for adjudication under Section 23I of SCRA, 1956 for imposition of penalty under Section 23H.
Provisions invoked
- s. 19
- s. 12A
- s. 23H
- s. 23I
Parties
- Hubtown Limited
- its directors
- promoters
- promoter group
Holding
The directions issued against Hubtown Limited, its directors, promoters and promoter group in the interim order dated June 04, 2013 are revoked with immediate effect as the Company has achieved compliance with MPS requirements through an OFS on June 04, 2014. However, the case is referred for adjudication for imposition of suitable penalty for non-compliance of MPS requirements within the due date.
Full text
Page 2 of 4 the Company did not pursue the IPP route. Further, for the last two years, the real estate sector has been in throes of cyclical fluctuations, which has put off discerning investors from entering the real estate sector.
Page 3 of 4 5. I have considered the reply and the submissions made by the Company during the personal hearing. The Company has enclosed copies of the documents tendered to BSE and NSE with respect to the OFS. The Company has submitted that it had made efforts to comply with the MPS requirements within the stipulated period, however, the same could not be completed due to tepid response from the prospective investors and adjudication proceedings before SEBI which was later settled.
Page 4 of 4 (Regulation) Act, 1956, hereby revoke the directions vide the interim order dated June 04, 2013 against the Company, Hubtown Limited, its directors, promoters and promoter group, with immediate effect.
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Source: SecMarx — sebi:WTM/PS/21/CFD/JULY/2014. 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.