sebi:AO/SBM/EAD-3/89/2017
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Facts / Headnote
Violation not established; matter disposed of without penalty
Provisions invoked
- s. 11
- s. 15
- s. 15H
Parties
- Zenergy Limited (now known as Exxoteq Corporation Limited)
Holding
The alleged violations of Sections 15C and 15A(a) of the SEBI Act, 1992 were held not established against the Noticee viz. Zenergy Limited (now known as Exxoteq Corporation Limited) and the matter was accordingly disposed of without penalty.
Full text
Page 2 of 9 prescribed by SEBI. Therefore, adjudication proceedings were initiated against the Noticee under the provisions of sections 15A (a) and 15C of the SEBI Act, 1992 (hereinafter referred to as ‘SEBI Act’) for its alleged failure to redress the investor complaints and also its failure to obtain SCORES Authentication. APPOINTMENT OF ADJUDICATING OFFICER
Page 3 of 9 mentioned that you neither viewed the grievances nor took any measures to resolve them. Thus, vide the aforesaid letter, you were directed to resolve all the grievances latest by February 27, 2013. The said letter was served on you and the proof of service is available on record. b) It is observed that you have neither replied to the aforesaid letter dated February 15, 2013 nor you have activated the SCORES authentication and submitted the ATR. It is further observed that you did not redress any grievances inspite of you being called upon by SEBI in writing to do so. It is observed that as on May 24, 2013, there are seven investor grievances pending against you in SCORES out of which four grievances are pending for more than two years. c) It is further observed that SEBI issued a Public Notice dated January 13, 2013 against the companies which had failed to obtain SCORES authentication, wherein the name of the Noticee was also mentioned. Further, vide circular no. CIR/OIAE/1/2013 dated April 17, 2013, SEBI advised all the companies to obtain SCORES authentication within one month from the date of the said circular. However, as on May 24, 2013 you had not approached SEBI for the authentication. d) It was therefore alleged that you were liable for penalty under the provisions of sections 15A(a) and 15 C of the SEBI Act.
Page 4 of 9 address of the Noticee. The affixture report dated October 27, 2017 in terms of the adjudication rules is on record. In view of the above reasons, I am proceeding further in the matter.
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Source: SecMarx — sebi:AO/SBM/EAD-3/89/2017. 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.