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SEBI - Highlights / Catch Notes

Home Highlights December 2024 Year 2024 This

IL&FS, the debenture trustee, failed to report to SEBI that ...


IL&FS failed to report more than 49 investors in company's non-convertible debentures despite receiving list, violating SEBI regulations.

December 31, 2024

Case Laws     SEBI     AT

IL&FS, the debenture trustee, failed to report to SEBI that there were more than 49 investors in the non-convertible debentures issued by Vaishnodevi Dairy Products Ltd., despite receiving communication from Karvy on April 1, 2014, listing 154 investors. This violated Regulation 15(1)(i) of the SEBI (Debenture Trustees) Regulations, 1993. The AT upheld the penalty of Rs. 5 lakhs imposed u/s 15HB of the SEBI Act, 1992, for the first charge but set aside the second charge of suppressing the BENPOS report.

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