sebi:AO/SM-LS/ERO/16/2016
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Facts / Headnote
Violation established; penalty of Rs. 1,50,000 imposed under Section 15HB
Provisions invoked
- s. 15
- s. 15H
- s. 15J
- s. 2(52)
Holding
The Noticee, being a listed company, violated SEBI Circulars dated August 13, 2012 and April 17, 2013 by failing to obtain SCORES authentication by the stipulated time including extended deadline of December 18, 2013, and is liable under Section 15HB of the SEBI Act. A monetary penalty of Rs. 1,50,000 was imposed.
Full text
Page 2 of 6 of SEBI Act for the alleged violation of SEBI circular by the Noticee. Pursuant to the transfer of Shri S V Krishanmohan, the undersigned was appointed as Adjudicating Officer vide Order dated June 22, 2015.
Page 3 of 6 g. The Company has not received any investor complaint. h. No loss has been occurred to the investors due to the delay. i. The Company is planning to enlist itself on BSE. j. As per section 2(52) of the Companies Act, 1956 a listed Company meant a company which had any of its securities listed on any recognized stock exchange. In the present case since the Guwahati Stock Exchange was already closed and the UP Stock Exchange was in the process of closure, the Company was uncertain about its listing status which resulted in slight delay in obtaining authentication. k. None of the conditions as enlisted under section 15 – I of the SEBI act is satisfied by the Company. CONSIDERATION OF ISSUES AND FINDINGS
Page 4 of 6 10. I note that the Noticee has claimed that it has not received SEBI letter dated April 17, 2013. This claim is not tenable as SEBI had not issued any letter dated April 17, 2013, rather it was a circular issued by SEBI for the compliance of all listed companies to obtain authentication by May 16, 2013. Further, I note that the letter dated December 02, 2013 was specifically issued to all listed companies including the Noticee, advising them to obtain SCORES authentication latest by December 18, 2013 and from available records it is apparent that the said letter was duly delivered to the Noticee.
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Source: SecMarx — sebi:AO/SM-LS/ERO/16/2016. 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.