Section 25 in Securities And Exchange Board Of India (Debenture Trustees) Regulations, 1993
25. Liability for action in case of default. [Substituted by Notification No. SEBI/LAD-NRO/GN/2017-18/011, dated 13.6.2017 (w.e.f 29.12.1993)]
- A debenture trustee which-(a)fails to comply with any condition subject to which certificate has been granted;(b)contravenes any of the provision of the Act or these regulation;(c)contravenes the provisions of the Companies Act or the rules made there under;(d)fails to furnish any information relating to its activity as a debenture trustee as required by the Board;(e)furnishes to the Board information which is false or misleading in any material particular;(f)does not submit periodic returns or reports as required by the Board;(g)does not co-operate in any enquiry, inspection or investigation conducted by the Board;(h)fails to resolve the complaints of investors or fails to give a satisfactory reply to the Board in this behalf.shall be dealt with in the manner provided under the Securities and Exchange Board of India (Intermediaries) Regulation, 2008.(2)Nothing contained in sub-regulation (1) shall prejudice the power of the Board to issue direction or measures under section 11, 11B, 11D, sub section (3) of section 12 or section 23 or Chapter VI-A of the Act or under any other law for the time being in force.]
