sebi:AD/BTIL/PT/03/09
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Facts / Headnote
Penalty imposed on noticee for failure to furnish information in response to statutory summons
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 11(3)
- s. 12
- s. 15J
Parties
- Beta Agro Industries Ltd.
Holding
The Adjudicating Officer imposed a penalty of Rs. 3 lakh on Beta Agro Industries Ltd. under Section 15A(a) of the SEBI Act, 1992, for its failure to furnish information to the investigating authority in response to statutory summons issued under Section 11(3) of the SEBI Act, 1992.
Full text
Page 2 of 12 leveled against it and calling upon it to explain as to why an inquiry in terms of the said Rules should not be held against it. The said SCN returned undelivered by the postal authorities with the remarks “left”. Thereafter, vide letter dated September 08, 2005 while enclosing a fresh show cause notice dated July 11, 2005 along with supporting documents, Ahemdabad Stock Exchange (ASE) was requested to affix the notice on the last known address of the noticee in terms of Rule 7 (c) of Adjudication Rules. The said notice was served on the noticee by way of affixture by ASE and a report thereof dated September 13, 2005 was received from ASE vide its letter dated September 14, 2005. As per the report, ASE informed that as per the current occupant of the premises, the noticee left the said premises three years ago, before the property was purchased by them.
Page 3 of 12 E. After carefully examining the material available on record, the charges and also noting the unsuccessful attempts made by the investigating officer as well as my predecessor Adjudicating officers for service of summons and noticess on the noticee, I was prima facie of the view that the enquiry should be held in the matter. Accordingly in adherence to the principles of natural justice a notice for Inquiry dated September 7, 2009 was issued under Rule 4 of Adjudication Rules fixing October 9, 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 delivery/service through affixture. Vide letter dated September 25, 2009, WRO-SEBI forwarded a report stating therein that the notice was affixed on the outer wall of the premises, though the noticee is not the current occupant of the said premises.
Page 4 of 12 made, but remained unsuccessful. Even the relevant Adjudication Rules for service of notice have been complied with in letter as well as in spirit and therefore, it would be in the interest of justice to proceed with the matter on the basis of the available records without wasting any further time.
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Source: SecMarx — sebi:AD/BTIL/PT/03/09. 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.