The Resolution Professional of Bohra Industries Limited, the Corporate Debtor, filed an application against the National Stock Exchange of India Ltd. (NSE) seeking to quash a letter dated 23.06.2020 issued by NSE. The letter imposed a fine on Bohra Industries for non-compliance with SEBI regulations regarding timely submission of financial results and shareholding patterns. The CIRP against Bohra Industries had commenced on 07.08.2019. Despite the moratorium under Section 14 of the IBC, NSE insisted on the payment of the fine. The Resolution Professional argued that the fine was levied for non-compliances that occurred before and during the CIRP, and the imposition of the fine violated the moratorium.
Bohra Industries Limited faced Corporate Insolvency Resolution Process (CIRP) initiated on 07.08.2019. The National Stock Exchange of India Ltd. (NSE) imposed a fine of Rs.8,38,980 (inclusive of 18% GST) on Bohra Industries for delayed submission of financial results and shareholding patterns for the quarters ending March 31, 2019, and September 30, 2019. These delays occurred before and during the CIRP. The Resolution Professional (RP) informed NSE about the CIRP and the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. NSE insisted on payment of the fine despite the moratorium. The RP filed an application (IA No.208/JPR/2020) to quash NSE's letter imposing the fine. NSE did not file a reply to the application, and the matter proceeded ex
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Corporate Insolvency…
National Stock Exchange of India Ltd. levied…
The Resolution Professional of Bohra Industries Limited, the Corporate Debtor, filed an application against the National Stock Exchange of India Ltd. (NSE) seeking to quash a letter dated 23.06.2020 issued by NSE. The letter imposed a fine on Bohra Industries for non-compliance with SEBI regulations regarding timely submission of financial results and shareholding patterns. The CIRP against Bohra Industries had commenced on 07.08.2019. Despite the moratorium under Section 14 of the IBC, NSE insisted on the payment of the fine. The Resolution Professional argued that the fine was levied for non-compliances that occurred before and during the CIRP, and the imposition of the fine violated the moratorium.
Bohra Industries Limited faced Corporate Insolvency Resolution Process (CIRP) initiated on 07.08.2019. The National Stock Exchange of India Ltd. (NSE) imposed a fine of Rs.8,38,980 (inclusive of 18% GST) on Bohra Industries for delayed submission of financial results and shareholding patterns for the quarters ending March 31, 2019, and September 30, 2019. These delays occurred before and during the CIRP. The Resolution Professional (RP) informed NSE about the CIRP and the moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC), 2016. NSE insisted on payment of the fine despite the moratorium. The RP filed an application (IA No.208/JPR/2020) to quash NSE's letter imposing the fine. NSE did not file a reply to the application, and the matter proceeded ex
…Corporate Insolvency…
National Stock Exchange of India Ltd. levied…