sebi:AO/SG-VS/EAD/59/2017
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Facts / Headnote
Penalty of Rs. 1,00,000 imposed on the Noticee under Section 15C of the SEBI Act; allegation under Section 15A(a) held not tenable
Provisions invoked
- s. 15A
- s. 15
- s. 11(1)
- s. 15H
- s. 15J
- s. 15C
Parties
- Spartek Ceramics India Limited
Holding
The Noticee violated Section 15C of the SEBI Act by failing to redress investor grievance SEBIE/AP13/0000665/1 within the specified time, and a penalty of Rs. 1,00,000 was imposed. The allegation under Section 15A(a) for failure to file ATR was held not tenable because SEBI circulars are issued under Section 11(1) and do not fall within the contours of Section 15A(a).
Full text
Adjudication Order in respect of Spartek Ceramics India Limited Page 2 of 20 Action Taken Report (hereinafter referred to as ‘ATR’) under SCORES within 30 days of date of receipt of the grievance.
Adjudication Order in respect of Spartek Ceramics India Limited Page 3 of 20 SHOW CAUSE NOTICE, REPLY AND HEARING 7. A Show Cause Notice (hereinafter referred to as “SCN”) in terms of the provisions of Rule 4(1) of AO Rules was issued to the Noticee on July 11, 2016, calling upon the Noticee to show cause as to why an inquiry should not be held against it under Rule 4 of the AO Rules read with Section 15-I of the SEBI Act and why penalty, if any, should not be imposed on the Noticee for the alleged violations. Complaint details and list of investor grievances pending as on April 16, 2014 were also annexed with the SCN. The SCN was served through speed post AD and the proof of delivery is on record.
Adjudication Order in respect of Spartek Ceramics India Limited Page 4 of 20 1. With reference to the above Adjudication Proceedings initiated against us, we humbly submit that we had furnished the reply that there was no delay in redressing the compliant of Mr. Varshaben Suchak with proof and evidences.
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Source: SecMarx — sebi:AO/SG-VS/EAD/59/2017. 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.