sebi:AKD/AO-81/2019-20
Facts / Headnote
Proceedings established; monetary penalty of Rs. 1,00,000 imposed on Noticee under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 15H
- s. 15J
Parties
- Pushpanjali Floriculture Ltd.
Holding
The Adjudicating Officer held that Pushpanjali Floriculture Ltd. failed to obtain SCORES authentication in violation of SEBI Consolidated Circular CIR/OIAE/1/2014, and imposed a monetary penalty of Rs. 1,00,000 under Section 15HB of the SEBI Act, 1992.
Full text
In the matter of Pushpanjali Floriculture Ltd.- Non-obtaining of SCORES authentication Page 2 of 11 3. SEBI vide Circular No. CIR/OIAE/l/2014 dated December 18, 2014 (hereinafter referred to as ‘SEBI Consolidated Circular’) consolidating the aforesaid circulars i.e. CIR/OIAE/2/2011 dated June 3, 2011, CIR/OIAE/1/2012 dated August 13, 2012, CIR/OIAE/1/2013 dated April 17, 2013 had inter-alia, directed all the companies whose securities were listed on stock exchanges to obtain SCORES authentication and redress the pending investor grievances within the stipulated time period. The said SEBI Consolidated Circular further, inter-alia, stated that failure by any listed company to obtain SCORES authentication would not only be deemed as non-redressal of investor grievances but would also indicate willful avoidance of the same.
In the matter of Pushpanjali Floriculture Ltd.- Non-obtaining of SCORES authentication Page 3 of 11 SHOW CAUSE NOTICE, REPLY AND HEARING
In the matter of Pushpanjali Floriculture Ltd.- Non-obtaining of SCORES authentication Page 4 of 11 10. In view of the above, I am of the opinion that principles of natural justice have been followed in the matter as enough opportunities were provided to the Noticee company to reply to the SCN and to appear for the personal hearing, however Noticee company failed to avail the opportunities provided to it under principles of natural justice. As such, I am inclined to decide the matter ex-parte taking into account the evidence/material available on record.
You have read the preview. Create a free account to read the full order, track this party, and analyse it in Ontology.
Free accounts include 10 searches/day with full order access.
Source: SecMarx — sebi:AKD/AO-81/2019-20. 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.