TMI Blog2020 (1) TMI 377X X X X Extracts X X X X X X X X Extracts X X X X ..... or any reason has been given as to why a Company Secretary and the two independent directors could not be appointed. In the absence of any cogent reasons, we do not find any justification to reduce the quantum of penalty. - Misc. Application No. 567 Of 2019 And Appeal No. 531 Of 2019 - - - Dated:- 24-12-2019 - Tarun Agarwala, Presiding Officer And Dr. C.K.G. Nair, Member Rakesh Puri, Adv. for the Appellant. Sagar Divekar and Abhimanyu Mhapankar, Advs. for the Respondent. ORDER Misc. Application No. 567 of 2019 : 1. For the reasons stated in the application, the delay in filing the appeal is condoned. Appeal No. 531 of 2019 : 1. The present appeal has been filed a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al calamity, seizure of books/computers by regulatory/statutory authorities, the compliances not approved by the Board, directions issued by the Court/regulator which prevented from making the requisite disclosure and accidental damage. 4. The appellants made the following violations of the Listing Regulations :- Regulation Details Fine 31 Shareholding Pattern 1000 33 Financial results 35000 27(2) Corporate Governance Report 1000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total Basic Fine 20,40,000 5. The first seven violations as indicated aforesaid were complied by the appellant but the remaining violations have not been complied till date and the violation is continuing till date. In this regard, the appellant made a representation to the authorities requesting for waiver/reduction of the penalty contending that for not appointing the Company Secretary and two independent directors on the Board/audit committee, the penalty may be waived under the exceptional circumstances as carved out in the circular dated May 3, 2018. The representation was rejected and the appellant was directed to deposit a penalty of ₹ 20,40,000/-. 6. Having heard the le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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