BEFORE THE ADJUDICATING OFFICER
SECURITIES AND EXCHANGE BOARD OF INDIA
[ADJUDICATION ORDER NO. Order/KS/PP/2020-21/9761]
UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA
ACT, 1992 READ WITH RULE 5 OF THE SECURITIES AND EXCHANGE BOARD
OF INDIA (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES
BY ADJUDICATING OFFICER) RULES, 1995
In respect of:
U. P. Power Corporation Limited
(Address: Shakti Bhavan, 14 – Ashok Marg,
Lucknow – 226001)
In the matter of U. P. Power Corporation Limited
1. Securities and Exchange Board of India (in short SEBI) carried out an examination to ascertain compliance status of U. P. Power Corporation Limited (UPPCL) with relevant provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (in short LODR Regulations), whose non-convertible debentures (NCDs) are listed on Bombay Stock Exchange (BSE). During the examination, OD observed that the UPPCL did not make requisite disclosures under the provisions of Regulations 7(3), 9, 13(3), 13(4), 50(1), 50(2), 50(3), 52(1), 52(2), 52(4), 52(5), 52(7), 52(8), 53, 54(2), 57(1), 57(2), 60(2) & 62 of LODR Regulations.
APPOINTMENT OF ADJUDICATING OFFICER
2. As regards alleged non-compliances by UPPCL, OD initiated adjudication proceedings against UPPCL (hereinafter referred to as ‘Noticee’). The competent authority prima facie being of the view that there are grounds to adjudicate upon the alleged violations, the undersigned has been appointed as Adjudicating Officer (in short AO) vide communique dated June 09, 2020, under Section 15-I of The Securities and Exchange Board of India Act, 1992 (hereinafter referred to as the SEBI Act) r/w rule 3 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Rules, 1995 (in short Adjudication Rules) to inquire into and adjudge under Sections 15A(b) and 15HB of the SEBI Act, the alleged violations of provisions of LODR Regulations by UPPCL as detailed in subsequent paras.
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