Description

SEBI cancels Recovery Certificate No. 8921 of 2025 against Kuber Udyog Limited after the entity deposited 50% of the disgorgement amount as directed by SAT.

Summary

SEBI has cancelled Recovery Certificate No. 8921 of 2025 dated 09.10.2025 issued against Kuber Udyog Limited (PAN: AACCK2389P) for Rs. 23,49,918.07 in the matter of Generic Engineering Construction and Projects Limited. The cancellation follows the defaulter’s compliance with the Securities Appellate Tribunal (SAT) order dated 01.02.2024, which required deposit of 50% of the disgorgement amount.

Key Points

  • Recovery Certificate No. 8921 of 2025 was originally drawn for Rs. 23,49,918.07 (Twenty-Three Lakhs Forty-Nine Thousand Nine Hundred and Eighteen and Paise Seven only) plus interest and expenses
  • Original order was issued by Quasi-Judicial Authority vide Order No. QJA/AA/IVD/ID12/28546/2023-24 dated 10.08.2023
  • SAT directed deposit of 50% of disgorgement amount with stay on recovery of remaining amount during appeal pendency
  • Kuber Udyog Limited has deposited the required 50% amount in compliance with SAT order
  • Recovery certificate cancelled under Section 28A(1) of SEBI Act, 1992 read with Section 224 of Income-tax Act, 1961

Regulatory Changes

No new regulatory changes introduced. This is an administrative action cancelling a recovery certificate following compliance with appellate tribunal directions.

Compliance Requirements

  • Kuber Udyog Limited has satisfied the compliance requirement by depositing 50% of the disgorgement amount
  • Remaining 50% of the amount shall not be recovered during the pendency of the appeal before SAT
  • No further recovery action will be taken against the defaulter under this specific recovery certificate

Important Dates

  • 10.08.2023: Original order by Quasi-Judicial Authority
  • 01.02.2024: SAT order directing 50% deposit in Appeal No. 83 of 2024
  • 09.10.2025: Recovery Certificate No. 8921 of 2025 issued
  • 30.10.2025: Recovery Certificate cancelled

Impact Assessment

This is a case-specific administrative order with minimal market impact. The cancellation affects only Kuber Udyog Limited and relates to a specific matter involving Generic Engineering Construction and Projects Limited. The order demonstrates SEBI’s procedural compliance with appellate tribunal directions and provides relief to the defaulter who has made partial payment. No broader regulatory implications or market-wide compliance requirements arise from this cancellation certificate.

Impact Justification

Administrative action cancelling recovery certificate after partial compliance with SAT order; affects only specific entities involved in the matter with no broader market impact.