sebi:AO/AK/15/2017
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Penalty imposed on Noticee under Section 15HB of the SEBI Act
Provisions invoked
- s. 15
- s. 11(1)
- s. 15H
- s. 15J
- s. 15F
Parties
- Noel Agritech Limited
Holding
The Adjudicating Officer held that Noel Agritech Limited violated SEBI Circular CIR/OIAE/1/2014 dated December 18, 2014 by failing to obtain SCORES authentication, and imposed a penalty of Rs 10,00,000 under Section 15HB of the SEBI Act.
Full text
Adjudication Order in the matter of Noel Agritech Limited Page 2 of 13 3. It was, therefore, alleged that the Noticee has failed to obtain SCORES authentication and thereby violated SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014, thus, making the Noticee liable for imposition of penalty under Section 15 HB of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as "the SEBI Act").
Adjudication Order in the matter of Noel Agritech Limited Page 3 of 13 7. Since no reply was received, the SCN was also affixed at the registered address of the Noticee as per the MCA website on October 19, 2016. In the interest of natural justice, it was decided to provide an opportunity of personal hearing to the Noticee and hence a hearing notice dated October 18, 2016 too was affixed on the MCA website address of the Noticee on October 19, 2016 calling upon the Noticee to reply to the SCN and appear for personal hearing on November 07, 2016. However, neither did the Noticee appear on the date scheduled for the personal hearing, nor, has the Noticee filed any reply in the matter till date. A final opportunity to file a reply as well as for personal hearing was also granted to the Noticee vide Hearing Notice dated April 6, 2017. However, despite the hearing notice again being affixed at the MCA website address, neither did the Company file any reply, nor did it appear for the personal hearing. A last and final opportunity to file a reply in the matter was afforded to the Noticee vide Hearing Notice dated May 25, 2017. A personal hearing was scheduled for June 6,
Adjudication Order in the matter of Noel Agritech Limited Page 4 of 13 a) Whether the Noticee has violated the provisions of SEBI Circular No. CIR/OIAE/1/2014 dated December 18, 2014 by failing to obtain SCORES authentication? b) Does the violation, if any, on the part of the Noticee attract monetary penalty under Section 15 HB of the SEBI Act? c) If so, what would be the monetary penalty that can be imposed duly taking into account the factors mentioned in Section 15J of SEBI Act?
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:AO/AK/15/2017. 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.