sebi:AO/BJD/MAS/EAD/180-181/2018
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Facts / Headnote
Penalty imposed on both Noticees for failure to furnish information under Section 11C(2) and 11C(3) of SEBI Act, 1992
Provisions invoked
- s. 11
- s. 15A
- s. 15
- s. 15J
- s. 11C
- s. 12
Parties
- Shri Shailesh Mulraj Ved
- Shri Amit Shantilal Mehta
Holding
Both Noticees were held to have violated Section 11C(2) and 11C(3) of the SEBI Act, 1992 by failing to provide information/documents sought by the Investigating Authority, and a penalty of Rs. 20,00,000 was imposed on Noticee no.1 (Shri Shailesh Mulraj Ved) and Rs. 10,00,000 on Noticee no.2 (Shri Amit Shantilal Mehta) under Section 15A(a) of the SEBI Act.
Full text
Page 2 of 19 b) Failure to furnish information under Sections 11C (2) and 11C (3) of SEBI Act, 1992 and imposed a penalty of Rs. 5,00,000/- (Rupees Five lakh only) under section 15A (a) of SEBI Act, 1992 {a total penalty of Rs.15,00,000/- (Rupees Fifteen lakh only) was imposed}
Page 3 of 19 Appointment of Adjudication Officer 4. Based on the findings of the investigation, SEBI initiated Adjudication proceedings under section 15 I of the SEBI Act, 1992 under Section 15A(a) of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as “SEBI Act”), the alleged violation of the provisions of Section 11C (2) & (3) of SEBI Act, 1992 by Shri Shailesh Mulraj Ved (Noticee no.1) and Shri Amit Shantilal Mehta (Noticee no.2) (hereinafter referred to collectively as "Noticees") for failure to provide information and giving false information to Investigating Authority (IA) of SEBI regarding the source of funds of Shri Shailesh Mulraj Ved for his trading in the scrip of Nandan Exim Limited (hereinafter referred to as “Company/NEL”).
Page 4 of 19 6.3.1. Reason along with documentary evidence with respect to receipt of large funds in cash, cheque or by any other mode in the bank account no. 317901011011566 with UBI during the period from September 01, 2006 to December 31, 2006. 6.3.2. Copy of Registered sale agreement of the property at Viramgam, Ahmedabad sold for Rs. 125.5 lakh. 6.4. Shri Shailesh Mulraj Ved vide his letter dated 26/09/2011 submitted the date wise details of the funds received in his Bank Account no. 317901011011566 with UBI during the period from October 05, 2006 to December 15, 2006 which he used in trading in the scrip of Nandan Exim Limited. Category wise summary of the funds received by Shri Shailesh Mulraj Ved is given hereunder.
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Source: SecMarx — sebi:AO/BJD/MAS/EAD/180-181/2018. 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.