sebi:AS/AO-05/2014
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Facts / Headnote
Penalty imposed ex parte
Provisions invoked
- s. 15
- s. 15C
Parties
- Asiatic Infrastructure & Shelters Ltd.
Holding
The Adjudicating Officer held Asiatic Infrastructure & Shelters Ltd. liable under Section 15C and Section 15HB of the SEBI Act for delay in obtaining SCORES authentication, non-submission of ATR and non-redressal of investor grievances, and imposed a consolidated penalty of Rs.5,00,000 (Rs.4,00,000 under Section 15C and Rs.1,00,000 under Section 15HB).
Full text
Page 2 of 7 Adjudicating Officer) Rules, 1995 (hereinafter referred to as the „Rules‟) to inquire into and adjudge under section 15C and 15 HB of SEBI Act, the alleged failure in obtaining SCORES authentication, non-submission of Action Taken Report (ATR) and non-redressal of investor grievance, inspite of being called upon by SEBI to do so. Subsequently, I have been appointed as Adjudicating Officer, in the present matter, vide order dated September 23, 2013.
Page 3 of 7 Action Taken Report (ATR) duly supported by documentary evidence in respect of pending investor complaint. (c) In view of the above, it was alleged that the Noticee / Company has failed to obtain the SCORES authentication / furnish ATR and failed to resolve the investor's grievances, which are in violation of Section 15C and 15HB of the SEBI Act. The provisions of Section 15C and 15HB of the SEBI Act are produced hereunder;
Page 4 of 7 Delivery. In the aforesaid notice, the Company was also inter-alia advised to submit reply towards SCN, and on failure to submit the reply, the case would be decided as per the material available on records. On February 28, 2014, a mail was received from one Mr. Ronak Patel claiming to be authorized representative of the company from his e-mail id ronakcure@gmail.com seeking adjournment on the ground that he is out of town. In view of the request, the hearing was fixed for March 04, 2014. On March 04, 2014, Mr. Ronak Patel again sent an e-mail requesting for adjournment on the ground that he is still out of town and not returned. Thus, the hearing was fixed for March 11, 2014. On March 11, 2014, another mail was received from Mr. Patel that his son has met with accident and thus requested for adjournment. In view of the same, hearing was fixed for March 18, 2014. On March 18, 2014, another mail was received from Mr. Patel that his son is still in hospital, thus request another adjournment. In view of request for repeated adjournments without supporting documents, the request for adjournment was denied. However, Mr. Ronak Patel was given time till March 20, 2014 to given written submissions. However, no reply has been received till date.
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Source: SecMarx — sebi:AS/AO-05/2014. 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.