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SOURCE OF INFORMATION

SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 03-JUL-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

DEBENTURE TRUSTEES: VIOLATIONS SPECIFIED IN EARLIER SEBI/NSE ORDERS/CIRCULARS

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person AXIS TRUSTEE SERVICES LTD.

(PAN:AAHCA3172B)  
  ALLEGED FAILURE IN MONITORING OF PAYMENT OF INTEREST/PRINCIPAL BY RELIANCE COMMUNICATIONS LTD. TO DEBENTURE HOLDERS VIOLATING REGULATION 15(1)(G)(III) & (IV) OF SEBI (DEBENTURE TRUSTEES) REGULATIONS, 1993 (NOW REGULATION 15(1)(Q)(III) & (IV) OF SEBI (DEBENTURE TRUSTEES) (AMENDMENT) REGULATIONS, 2017

ALLEGED IN HALF YEARALY REPORT ENDED MARCH, 2017 AND DID NOT MENTION RCL IN LIST OF COMPANIES WHICH HAVE DEFAULTED IN PAYMENT OF INTEREST/PRINCIPAL ON THEIR NCDS VIOLATING CLAUSE 19 OF CODE OF CONDUCT OF REGULATION 16 OF DEBENTURE TRUSTEE REGULATIONS, 1993

ALLEGED FAILURE IN SHARING INFORMATION OF NON-COOPERATION BY RELIANCE COMMUNICATIONS LTD. WITH CREDIT RATING AGENCIES VIOLATING OF SEBI CIRCULAR CIR/MIRSD/3/2013 DATED 15/03/2013   		REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.15,93,750 VIDE CONSENT ORDER)

02-APR-2019 		 
2
History of entity/person CATALYST TRUSTEESHIP LTD.

(PAN:AACCG4147R)  
  DID NOT PROVIDE ANY DOCUMENTARY EVIDENCE VIZ. MINUTES OF MEETING BETWEEN SOME OF THE DEBENTURE HOLDERS AND ISSUER VIOLATING CLAUSE 3 OF SEBI CIRCULAR NO.SEBI/HO/MIRSD/CRADT/CIR/P/2020/230 DATED 12/11/2020 (SUPERSEDED BY MASTER CIRCULAR FOR DEBENTURE TRUSTEES DATED 31/03/2023) IN MATTER OF SPANDANA SPHOORTY FINANCIAL LTD.

DID NOT INFORM CONCERNED CRA(S) ABOUT BREACH OF COVENANTS OF THE TRUST DEED VIOLATING CLAUSE 3 OF SEBI CIRCULAR NO.CIR/MIRSD/3/2013 DATED 15/03/2013 (SUPERSEDED BY MASTER CIRCULAR FOR DEBENTURE TRUSTEES DATED 31/03/2023) IN MATTER OF SPANDANA SPHOORTY FINANCIAL LTD.

DID NOT INFORM CONCERNED CRA(S) ABOUT BREACH OF COVENANTS OF THE TRUST DEED VIOLATING CLAUSE 13 OF SCHEDULE III READ WITH REGULATION 16 OF SEBI (DEBENTURE TRUSTEES) REGULATIONS, 1993 IN MATTER OF SPANDANA SPHOORTY FINANCIAL LTD.   		IMPOSED PENALTY RS.1,00,000

26-AUG-2024 		SAT: SAT VIDE ITS ORDER DATED 17/10/2024 GRANTED RESPONDENT FOUR WEEKS TO FILE REJOINDER. REJOINDER, IF ANY, TO BE FILED WITHIN TWO WEEKS THEREAFTER. STAYED IMPUGNED ORDER SUBJECT TO APPELLANT DEPOSITING 50% OF PENALTY AMOUNT WITH SEBI WITHIN FOUR WEEKS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 09/12/2024 GRANTED APPELLANT TWO WEEKS TO FILE REJOINDER  
3
History of entity/person SBICAP TRUSTEE CO.LTD.

(PAN:AAJCS8105J)  
  ALLEGED IMPROPER DISCLOSURE ON WEBSITE WITH RESPECT TO MAINTENANCE OF RECOVERY EXPENSE FUND VIOLATING REGULATION 16 READ WITH CLAUSES 4 AND 15 OF SCHEDULE III OF SEBI (DEBENTURE TRUSTEES) REGULATIONS, 1993

ALLEGED IMPROPER DISCLOSURE ON WEBSITE WITH RESPECT TO CALENDAR OF INTEREST/REDEMPTIONS, DUE AND PAID VIOLATING REGULATION 16 READ WITH CLAUSE 15 OF SCHEDULE III OF SEBI (DEBENTURE TRUSTEES) REGULATIONS, 1993

ALLEGED IMPROPER DISCLOSURE OF ASSET COVER CERTIFICATE VIOLATING REGULATIONS 15(1)(B), 15(1)(S) AND 16 READ WITH CLAUSE 15 OF SCHEDULE III OF SEBI (DEBENTURE TRUSTEES) REGULATIONS, 1993

ALLEGED IMPROPER DISCLOSURE OF ASSET COVER CERTIFICATE VIOLATING REGULATION 16 READ WITH CLAUSE 15 OF SCHEDULE III OF SEBI (DEBENTURE TRUSTEES) REGULATIONS, 1993

ALLEGED IMPROPER DISCLOSURE ON WEBSITE WITH RESPECT TO MAINTENANCE OF RECOVERY EXPENSE FUND VIOLATING SEBI CIRCULAR DATED 03/11/2020

ALLEGED IMPROPER DISCLOSURE ON WEBSITE WITH RESPECT TO CALENDAR OF INTEREST/REDEMPTIONS, DUE AND PAID VIOLATING SEBI CIRCULAR DATED 27/05/2019

ALLEGED IMPROPER DISCLOSURE OF ASSET COVER CERTIFICATE VIOLATING SEBI CIRCULAR DATED 12/11/2020   		REACHED SETTLEMENT ( SETTLEMENT CHARGES RS.25,08,000 VIDE CONSENT ORDER)

12-JUN-2024 		 
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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