sebi:AD/BITL/PT/04/09
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Facts / Headnote
Penalty imposed
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 11(3)
- s. 12
- s. 15J
Parties
- M/s Aadit Medicine Ltd.
Holding
The Adjudicating Officer imposed a penalty of Rs. 1.5 lakh on M/s Aadit Medicine Ltd. under Section 15A(a) of the SEBI Act, 1992, for failure to furnish information to the investigating authority in response to statutory summons issued under Section 11(3) of the SEBI Act.
Full text
Page 2 of 12 SCN dated July 11, 2005 alongwith supporting documents, Ahmedabad Stock Exchnage (ASE) was requested to affix the notice on the last known address of the notice in terms of Rule 7 (c) of Adjudication Rules. The said notice was served to the noticee by way of affixture/pasting by "ASE" and report thereof dated September 13, 2005 was received from ASE vide its letter dated September 14, 2005. As per the said letter, though the noticee did not have any existence at the address stated in the notice and the said address is of a land without any construction. The letter of ASE further informed that the notice was affixed at the outer door of a neighbouring premises No.337 which as per the locals, belong to CMD of BITL/its group company.
Page 3 of 12 to the principles of Natural Justice, a notice for enquiry dated September 07, 2009 was issued under Rule 4 of Adjudication Rules fixing October 09, 2009 as the date of appearance/enquiry. As the available address of the noticee is in Ahmedabad the notice was forwarded to the Western Regional Office of SEBI (WRO-SEBI) for deliveries/services through affixture. Vide letter dated September 25, 2009 WRO-SEBI forward a report stating therein that the said plot number 332 was unidentifiable and was an agriculture land without any signage. In view of this the notice was return to me by WRO-SEBI.
Page 4 of 12 8. Having carefully perused the material available on record, I proceed to record my findings in the matter. However, before doing so, it is important to briefly note the relevant legal provisions and the
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Source: SecMarx — sebi:AD/BITL/PT/04/09. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.