Mega Offer Avail 65% Off in CA IPCC and 50% Off in all CA CS CMA subjects.Coupon- IPCEXAM65 & EXAM50. Call: 088803-20003

CA Final Online Classes
CA Classes

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Adjudication Order in respect of Raheja Icon Entertainment Pvt. Ltd

LinkedIn


Court :
SEBI

Brief :
Securities and Exchange Board of India (“SEBI”) received a letter dated September 19, 2019 from Vistara ITCL (India) Ltd. (‘Vistara’), a SEBI registered Debenture Trustee in which Vistara had provided a list of companies from which it had not received till that date the Half Yearly Communication (‘HYC’) as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (‘LODR Regulations’) for the half year ended March 31, 2019. The aforesaid list of companies included Raheja Icon Entertainment Pvt. Ltd. (‘Noticee/Company’). In view of the aforesaid information, SEBI conducted an examination and had observed prima facie prima violation of Regulation 52(1), 52(4) and 52(5) of LODR Regulations by the Noticee.

Citation :
[ADJUDICATION ORDER NO. : Order/GR/RK/2020-21/9415]

BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER NO. : Order/GR/RK/2020-21/9415]

ORDER UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES) RULES, 1995 
In respect of
Raheja Icon Entertainment Pvt. Ltd.,

FACTS OF THE CASE IN BRIEF

1. Securities and Exchange Board of India (“SEBI”) received a letter dated September 19, 2019 from Vistara ITCL (India) Ltd. (‘Vistara’), a SEBI registered Debenture Trustee in which Vistara had provided a list of companies from which it had not received till that date the Half Yearly Communication (‘HYC’) as per Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (‘LODR Regulations’) for the half year ended March 31, 2019. The aforesaid list of companies included Raheja Icon Entertainment Pvt. Ltd. (‘Noticee/Company’). In view of the aforesaid information, SEBI conducted an examination and had observed prima facie prima violation of Regulation 52(1), 52(4) and 52(5) of LODR Regulations by the Noticee.

APPOINTMENT OF ADJUDICATING OFFICER

2. The undersigned was appointed as the Adjudicating Officer (‘AO’) vide order dated June 10, 2020, under Section 19 read with Section 15-I of Securities and Exchange Board of India, 1992 (hereinafter, “SEBI Act”) and under Rule 3 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter, Rules) to enquire into and adjudge under Section 15A(b) the alleged violations of Regulations 52(1), 52(4) and 52(5) of LODR Regulations by the Noticee.

SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING

3. A Show Cause Notice dated August 28, 2020 (hereinafter," SCN”) was issued by the AO to the Noticee under Rule 4 of the Rules, calling it to show cause as to why an inquiry should not be held against it and penalty be not imposed on it under Section 15A(b) of the SEBI Act for the violations as specified in the SCN and reproduced herein below:
(a) Failure to submit financial results of the company for the half year ended March 31, 2019 to the exchange, which is not in compliance of Regulation 52(1) of the LODR Regulations.
(b) Failure to disclose the line items as specified under the Regulation 52(4) of LODR Regulations to the exchange.
(c) Failure to submit the certificate signed by the Debenture Trustee taking note of the contents prescribed under Regulation 52(4) of LODR Regulations to the exchange, thereby non-compliance with Regulation 52(5) of LODR Regulations.

To know more in details find the attachment file
 

 

Guest
on 28 October 2020
Published in LAW
Views : 19
downloaded 9 times
Report Abuse

LinkedIn







Trending Tags