sebi:AO/AK/4/2018

SEBI · SEBI · 2014-12-18 · Anita Kenkare, Adjudicating Officer

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Facts / Headnote

Penalty of Rs. 8,00,000 imposed on Atcom Technologies Ltd. under Section 15HB of the SEBI Act for failure/delay in obtaining SCORES authentication

Provisions invoked

• s. 15
• s. 15H
• s. 15J
• s. 15F

Parties

• Atcom Technologies Ltd.

Holding

The Noticee violated the SEBI Circulars by failing to obtain SCORES authentication by the deadline of September 14, 2012 and obtaining it only in September 2016, thereby attracting monetary penalty under Section 15HB of the SEBI Act, and a penalty of Rs. 8,00,000 was imposed.

Full text

Adjudication Order in the matter of Atcom Technologies Ltd. Page 2 of 13 of Circular dated December 18, 2014. The aforementioned SEBI Circulars are hereinafter collectively referred to as the “SEBI Circulars".

Adjudication Order in the matter of Atcom Technologies Ltd. Page 3 of 13 6. The SCN was delivered to the Noticee via SPAD, and the Noticee filed its reply vide their e- mail datedApril 28, 2017. The Noticee, inter alia, stated the following: i. that it had obtained the SCORES authenticationon September 27, 2016; ii. that as on April 27, 2017 there was no pending complaint against the Company; and iii. that the Company was “under BIFR” and suspended by the Stock Exchanges. A copy of the ‘Form A’ for obtaining SCORES Authentication and a copy of the email from SEBI providing the Noticee with the SCORES Username and Password were also enclosed with the said reply.

Adjudication Order in the matter of Atcom Technologies Ltd. Page 4 of 13 9. On the scheduled date of hearing, i.e.September 01, 2017, Mr. Sanjay Nimbalkar, Director and Ms. Isha Shah appeared before me as Authorised Representatives (“ARs”) of the Noticeeand made submissions on behalf of the Noticee in the matter. The ARs, during the hearing reiterated the submissions made by way of written replies dated July 29, 2017 and April 28, 2017. Further, a written reply dated September 01, 2017 was submitted by the Noticee along with the copy of the letter dated September 22, 2016 addressed to SEBI with FORM A for SCORES authentication. The ARs clarified that no order had been passed as on September 01, 2017 in respect of the Noticee by the BIFR. The ARs also confirmed that there was no past non-compliance of SEBI Act and Regulations by the Noticee and no action taken by SEBI in the past against the Noticee.

Source: SecMarx — sebi:AO/AK/4/2018. 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.