Regulation 25 - Liability for action in case of default. - Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993

CHAPTER V PROCEDURE FOR ACTION IN CASE OF DEFAULT 1 [ 2 [Liability for action in case of default. 25. (1) A Debenture Trustee which- (a) fails to comply with any conditions subject to which certificate has been granted; (b) contravenes any of the provisions of the Act or these regulations; (c) contravenes the provisions of the Companies Act or the rules made there under; (d) fails to furnish any information relating to its activity as a Debenture Trustee as required by the Board; (e) furnishes to the Board information which is false or misleading in any material particular; (f) does not submit periodic returns or reports as required by the Board; (g) does not co-operate in any enquiry, inspection or investigation conducted by the Board; (h) fails to resolve the complaints of investors or fails to give a satisfactory reply to the Board in this behalf; shall be dealt with in the manner provided under the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. (2) Nothing contained in sub-regulation (1) shall prejudice the powers of the Board to issue directions or measures under sections 11, 11B, 11D, sub-section (3) of section 12 or section 24 or Chapter VIA of the Act or under any other law for the time being in force.]] ************* NOTES:- 1 Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002. 2 Substituted by the SEBI (Debenture Trustees) (Amendment) Regulations, 2017, w.e.f., 13-7-2017. Prior to the same, regulation 25 read as follows: 25. A debenture trustee who- (a) fails to comply with any conditions subject to which certificate has been granted; (b) contravenes any of the provisions of the Act, rules or regulations; (c) contravenes the provisions of the Companies Act or the rules made thereunder, shall be dealt with in the manner provided under Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.