ELECTROSTEEL CASTINGS LTD. - Updates
| < Back | |
| 01 Apr 2016 | |
| Electrosteel Castings Ltd has informed BSE that as per Securities and Exchange Board of India's (SEBI) website, an adjudication order dated March 31, 2016 has been passed by SEBI imposing penalties on the Book Running Lead Managers (BRLM), viz. Axis Capital Ltd., SBI Capital Markets Ltd. and Edelweiss Financial Services Ltd., Issuer Company- Electrosteel Steels Limited (ESL) and the Company, detailed as under:<BR><BR>1. A penalty under Section 15HB of the Securities and Exchange Board of India Act, 1992 (SEBI Act), jointly and severally on the BRLMs of Rs.1 Crore, in the matter of IPO of ESL for violation of Regulation 57(1), Regulation 57(2)(a)(ii) and Regulation 64(1) of the ICDR Regulations, 2009 and Regulation 13 of the Merchant Bankers Regulations, 1992.<BR><BR>2. A penalty under Section 15HB of the SEBI Act on ESL of Rs.1 Crore for violation of Regulation 57(1) and Regulation 57(2)(a)(ii) of the ICDR Regulations, 2009.<BR><BR>3. A penalty of Rs. 50 Lakh under Section 23A(a) and Rs. 50 Lakh under Section 23E of the Securities Contract (Regulation) Act, 1956 on the Company for violation of Clause 36 of the Listing Agreement read with Section 21 of Securities Contract (Regulation) Act, 1956.<BR><BR>The said Order is being reviewed by the Company and its legal advisors. The Company will update the developments in the matter to the stock exchanges. | |
| View all announcements for ELECTROSTEEL CASTINGS LTD. | Source: BSE India |
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback