Section 28 in Securities And Exchange Board Of India (Debenture Trustees) Regulations, 1993
28. Manner of holding inquiry.-
(1)For the purpose of holding an inquiry under Regulation 27, the Board may appoint an enquiry officer.(2)The enquiry officer shall issue to the debenture trustee a notice at the registered office or the principal place of business of the debenture trustee.(3)The debenture trustee may, within thirty days from the date of receipt of such notice, furnish to the enquiry officer a reply together with copies of documentary or other evidence relied on by him or sought by the Board from the debenture trustee.(4)The enquiry officer shall, give a reasonable opportunity of hearing to the debenture trustee to enable him to take submissions in support of his reply made under sub-regulation (3).(5)Before the enquiry officer, the debenture trustee may either appear in person or through any person duly authorised by the debenture trustee: Provided that no lawyer or advocate shall be permitted to represent the debenture trustee at the enquiry:Provided further that where a lawyer or an advocate has been appointed by the Board as a presenting officer under sub-regulation (6), it shall be lawful for the debenture trustee to present its case through a lawyer or advocate.(6)If it is considered necessary, the enquiry officer may require the Board to appoint a presenting officer to represent its case.(7)The enquiry officer shall, after taking into account all relevant facts and submissions made by the debenture trustee, submit a report to the Board and recommend the penalty to be awarded as also the justification of the penalty proposed.
