sebi:AS/AO-01/2012
Facts / Headnote
Penalty imposed on the noticee
Provisions invoked
- s. 15A
- s. 15
- s. 15J
- s. 15C
Parties
- Jay Energy and S. Energies Ltd.
Holding
The noticee, Jay Energy and S. Energies Ltd., was held liable for violating Sections 15C and 15A(a) of the SEBI Act, 1992 for failing to redress investor grievances within the time specified and failing to submit an Action Taken Report, and a combined penalty of Rs. 45,00,000 was imposed.
Full text
Page 2 of 11 March 2011 04 Total 146 Despite repeated follow up with the company by SEBI, the company failed to resolve a majority of these grievances.
Page 3 of 11 4. It was further alleged that the noticee’s failure to submit the Action Taken Report in respect to the above would be liable to penalty under Section 15A (a) of the Act, which is reproduced below:
Page 4 of 11 7. It is observed that during the personal hearing held on June 21, 2011 at 4:00 pm wherein the noticee was represented by its director, Shri. Mihir Parikh, the representative of the noticee claimed that the noticee had been under suspension for 10-15 years and during that period, the noticee had shifted its registered office from time to time. Further, Shri Jyotindrabhai Kavi had passed away and the affairs of the company had been neglected and the noticee was unable to technically comply with ATR requirements, though now all grievances had been resolved. Since no evidence in this regard was produced at the time of personal hearing, the representative of the noticee undertook to submit a written reply enclosing proofs within 14 days.
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Source: SecMarx — sebi:AS/AO-01/2012. 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.