SEBI imposes fine on Embassy Property for norm violations

Mumbai, Dec 30 : The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 3 lakh on Embassy Property Developments Pvt Ltd for non-submission of the financial results within the stipulated time, among other violations.

The capital market regulator received a letter dated September 19, 2019 from Vistara ITCL (India) Ltd, a debenture trustee, providing a list of companies from which Vistara had not received the ‘Half Yearly Communication’ for the half year ended March 31, 2019, till that date as per the norms.

As the list of companies included Embassy Property Development Pvt Ltd, the SEBI, in view of the aforesaid information, conducted an examination and had observed prima facie violation of Regulation 52(1), 52(4) and 52(5) of LODR Regulations by the noticee (Embassy), said the order copy.

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The SEBI order said that from the submissions of the NSE, through its email dated October 11, 2019, it was observed that the company had not complied with the concerned provisions.

The violations include failure to submit financial results of the company for the half year ended March 31, 2019 to the exchange, and failure to disclose the line items as specified under the Regulation 52(4) of LODR Regulations to the exchange.

The probe also found failure to submit the certificate signed by the debenture trustee taking note of the contents prescribed under the disclosure norms.

In response to a showcause notice by SEBI, the company, through its email dated September 9 this year, requested some more time to file their reply to the notice and later replied on September 18.

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“In view of the above, after considering all the facts and circumstances of the case and the factors mentioned in the provisions of Section 15-I of the SEBI Act, 1992 read with Rule 5 of Rules, I hereby impose a penalty of Rs 3,00,000 on the noticee,” said the SEBI order.

Disclaimer: This story is auto-generated from IANS service.

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