SAT sets aside SEBI order to impose Rs 7 lakh fine: Jaypee Infratech
Jaypee Infratech on Tuesday said the Securities Appellate Tribunal (SAT) has set aside a SEBI order which imposed a penalty of Rs 7 lakh on the company for disclosure lapses.
In a regulatory filing, Jaypee Infratech said the Securities and Exchange Board of India (SEBI) had passed an adjudication order on March 14, 2022 regarding disclosures required to be made to the stock exchanges.
The company had filed an appeal against the SEBI order with SAT.
”The matter was listed today i.e. July 12 and the SAT has allowed the appeal filed by the company and have set aside the order of SEBI imposing the penalty,” Jaypee Infratech said.
”The above is based on the proceedings as transpired virtually and we shall upload the Order once the same is made available,” it added.
As per the SEBI order in March, Jaypee Infratech Ltd did not make disclosures with regard to series of non-convertible debenture (NCD) securities issued and listed by it, as required under market norms.
The company also failed to inform BSE of the default in payment of interest/principal in respect of various series of NCDs, apart from other disclosure lapses.
Jaypee Infratech went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium In June last year, Suraksha group received the approval of financial creditors and homebuyers to take over Jaypee Infratech, raising buyers’ hopes of getting possession of their flats.